A U.S. government attorney has urged the courts to impose a seven-year sentence on Reginald Fowler, a footballer who was involved in operating a shadow bank known as Crypto Capital Corp.
Fowler, who once owned the National Football League team Minnesota Vikings, is due for sentencing on Thursday. Government attorney Damian Williams wrote in a filing to Judge Andrew Carter:
The Government therefore respectfully requests that the Court impose a sentence of at least 84 months’ imprisonment, below the applicable Guidelines range of 188 to 235 months, to reflect the seriousness of the offense, the need to promote respect for the law, and to afford adequate specific and general deterrence.
Source: Court Filing
Williams also seeks the judge’s order to forfeit approximately $740 million. Additionally, the attorney alleges Fowler of defrauding the Alliance of American Football (AAF) and hence requests compensation of around $53 million to the Trustee of AAF.
Reginald Fowler’s Crypto Capital Corp Stole $850 Million From Bitfinex
BeInCrypto reported that the cryptocurrency exchange Bitfinex partnered with Fowler’s Crypto Capital as it could not find a reputable bank to work with. Later, Bitfinex lost $850 million to Crypto Capital’s fraud and used Tether’s reserve to cover the missing funds.
Then Bitfinex publically paid back the amount to its sister company Tether in several installments to reduce the negative publicity. Finally, in February 2021, the exchange completely cleared its $850 million loss.
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