US Attorney seeks 7-year sentence for exec in crypto shadow banking case
April 18. 2023
By Martin Young
U.S. prosecutors are wanting Reginald Fowler to face at least seven years in jail if convicted on April 20.
A long sentence is being sought by United States prosecutors for an executive in a crypto shadow banking case that has dragged on for five years.
On April 18, U.S. District Attorney Damian Williams filed a request in advance of the sentencing of Reginald Fowler, which is scheduled for April 20.
Fowler, the former minority owner of the Minnesota Vikings NFL team, was originally arrested in 2019 and charged with bank fraud, illegal money transfers and conspiracy connected to shadow banking practices over his alleged operation of an unlicensed money transmitting business.
On behalf of the government, Williams is requesting a sentence of at least seven years imprisonment. However, he suggested a range of 15 to 20 years to reflect the seriousness of the offense.
Extract from the filing in the United States v. Reginald Fowler case. Source: CourtListener
Fowler established a firm called Global Trading Solutions (GTS) in 2018 under the umbrella of the Panama-based Crypto Capital Corp, an alleged crypto shadow bank.
He was accused of acting as an unlicensed money transmitter and deceiving financial institutions. Through Crypto Capital, he allegedly provided shadow banking services to several crypto exchanges including Bitfinex, Binance, CEX.io and QuadrigaCX.
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