Bitcoin scandal involving the co-owner of Minnesota Vikings Reginald Reggie Fowler just keeps on growing as the reports show that he was found tangled in the scheme. As the coming altcoin news report, Fowler was charged by the U.S Justice Department.
Fowler helped bootstrap the Alliance of American Football which is currently defunct by creating a shadow banking scheme that portrayed the processing of hundreds of millions of dollars via unregulated transactions via multiple crypto exchanges as the reports show.
One of those exchanges was Bitfinex which we read about extensively in all of the best cryptocurrency news sites after it allegedly misused tether to conceal its losses. The crypto exchange reportedly lost about $850 million in client funds which were the reason why the New York Attorney General’s office started a legal proceeding against them.
Fowler has been previously caught up in fraudulent financial dealings and controversies. Back in 2005, he attempted to buy the Minnesota Vikings aiming to become the first African-American NFL team owner. However, questions emerged on how he managed to gather finances since there were 36 lawsuits filed against him.
Back then, most of the lawsuits were due to unpaid bills from the multiple companies Fowler owned. When he was confronted, he stated:
“We have several companies, and we have thousands of transactions that go through our companies each day. So as the normal course of business, this does happen.”
Reggie Fowler even got caught up with the IRS over not paying taxes so this was one of the reasons his dreams of becoming an owner of the NFL club got crushed. Eventually, he lost control of his companies and ended up with a debt of $60 million. Later, he also became the original investor in the Alliance of American Football and failed to deliver the $170 million he promised to invest.
The latest Bitcoin scandal should serve as a warning to investors to always do their homework before getting involved with serious sums of money. Fowler’s information is now available on a simple Google search but his fraudulent dealings managed to go unnoticed at least the involvement in his role in the latest scandal.
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