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04/26/2022

Former Co-Owner Of Vikings Pleads Guilty To Providing Shadow Banking Services To Cryptocurrency Exchanges

U.S. Attorney's Office Southern District of New York

Damian Williams, the United States Attorney for the Southern District of New York, announced that earlier today, REGINALD FOWLER pled guilty to bank fraud, bank fraud conspiracy, operation of an unlicensed money transmitting business, conspiracy to operate an unlicensed money transmitting business, and wire fraud. FOWLER committed the bank fraud and unlicensed money transmitting business offenses in connection with his work for Crypto Capital, a payment processor that provided fiat-currency banking services to various cryptocurrency exchanges through a series of bank accounts opened under false pretenses.  As part of the scheme, Crypto Capital and FOWLER fraudulently processed transactions equaling approximately $750 million in deposits and withdrawals from such exchanges.  In addition,  FOWLER defrauded the Alliance of American Football (“AAF”) by, among other things, claiming that millions of dollars belonging to Crypto Capital and/or Global Trading Solutions customers were instead his own assets, which he was free to use to secure his investments in the AAF.  Based on those misrepresentations, FOWLER acquired a significant investment stake in the AAF yet was unable to fund that investment, which contributed to the AAF’s demise.

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