AAF’s initial lead investor pleads guilty in cryptocurrency scheme

·1 min read

Nearly three years after he was indicted, Reginald Fowler has pleaded guilty to federal charges arising from an alleged cryptocurrency scheme. He was the initial lead investor in the Alliance of American Football, a spring league that arrived — and quickly died — in 2019.

Via the Associated Press, a U.S. attorney said in a statement that Fowler “helped process hundreds of millions of dollars of unregulated transactions on behalf of numerous cryptocurrency exchanges, skirting the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes.”

Prosecutors also claimed that Fowler had lied to AAF executives when he claimed that he controlled bank accounts containing “tens of millions” from real-estate investments and government contracts. The AAF failed miserably during its first season, due to a lack of money to keep the operation afloat.

Fowler tried to buy the Vikings in 2005. He was a minority owner of the franchise through 2014.

AAF’s initial lead investor pleads guilty in cryptocurrency scheme originally appeared on Pro Football Talk