Reginald Fowler, the feeble minority proprietor of NFL crew Minnesota Vikings, has been sentenced to 75 months for processing greater than $700 million of unregulated transactions on behalf of cryptocurrency exchanges.

Fowler violated federal anti-money regulations and operated as a “crypto shadow bank,” talked about Damian Williams, the U.S. prison professional for the Southern District of Unusual York, in a June 5 assertion.

The 64-year-feeble used to be arrested in 2019 for allegedly offering shadow banking products and providers, which is the direction of of conducting bank-like activities by non-bank entities, to crypto companies. In 2020, Fowler pleaded no longer guilty then changed his plea to guilty in April of last year.

Fowler established International Procuring and selling Alternatives (GTS) in 2018 and started working with crypto companies, along with funds processor Crypto Capital, to present them get entry to to legit U.S. banks by offering shadow banking products and providers over the direction of 10 months, the prosecution claimed. Fowler opened dozens of accounts within the U.S. and in one other country processing round $750 million in cryptocurrency transactions in varied currencies, Williams talked about.

Fowler’s operations with Crypto Capital maintain previously been linked to iFinex, which is the parent company of crypto replace Bitfinex and stablecoin Tether.

The ex-NFL crew proprietor is also accused of defrauding the Alliance of American Soccer (AAF) by lying about his catch worth by GTS to accumulate a necessary ownership stake within the league. The AAF aimed to be every other to the NFL nonetheless used to be shut down in April 2019 after easiest eight weeks of play.

“Let it’s sure: This office is dedicated to prosecuting folk that lie to banks and skirt the regulation to be ready to habits their industry,” Williams talked about.

Fowler has been ordered to forfeit $740 million and pay $53 million in restitution to the AAF.