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Former Minnesota Vikings Co-Owner Slapped With 75 Month Jail Term for Processing $750M Worth of Crypto Transactions Skip to main content

Former Minnesota Vikings Co-Owner Slapped With 75 Month Jail Term for Processing $750M Worth of Crypto Transactions

Bitcoin rebounded from a near three-month low on Wednesday, as traders moved to buy the latest price dip. Yesterday’s decline came as the U.S. Securities and Exchange Commission sued both Binance and Coinbase. Ethereum moved closer to $1,900 in today’s session.

Bitcoin

Bitcoin (BTC) bounced back above the $27,000 level on Wednesday, as traders moved to buy the recent dip in price.

Following a low of $25,434.87 on Tuesday, BTC/USD raced to an intraday high of $27,332.18 in today’s session.

This move saw bitcoin climb away from its weakest point since March 17, when it was at a low of $24,946.

Bitcoin chart by TradingView

Overall, price has also risen back above a key support point at $26,300, with the relative strength index (RSI) hovering near a similar area.

At the time of writing, price strength is tracking at 45.67, which is below a resistance level of 47.00.

The 10-day (red) moving average also remains above its 25-day (blue) counterpart, which could be a positive sign for longer-term bulls.

Ethereum

Ethereum (ETH) also made strong gains in today’s session, with prices closing in on a reentry above the $1,900 level.

ETH/USD hit a peak of $1,896.22 on Wednesday, which comes less than 24 hours after the price was below $1,800.

Tuesday’s decline sent ethereum to its weakest point since May 25, which was the last time the cryptocurrency was at a floor at $1,790.

Ethereum chart by TradingView

From the chart, it appears that today’s rebound came as the RSI bounced from its own floor at 44.00.

The index is now tracking at 51.16, with the next visible point of resistance being at the 53.00 mark.

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Could ethereum climb above $1,900 this week? Leave your thoughts in the comments below.

EntryImageUrl https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_794562280-768x432.jpg EntryTitle Bitcoin, Ethereum Technical Analysis: ETH Nears $1,900, as BTC Rebounds From 3-Month Low FeedUrl https://news.bitcoin.com/ Blogger icon Blogger Create a post Action failed, 2:17 PM Error Applet failed Jun 07 - 1:17 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 1:17 PM EntryUrl https://news.bitcoin.com/former-minnesota-vikings-co-owner-slapped-with-75-month-jail-term-for-processing-750m-worth-of-crypto-transactions/ EntryPublished June 07, 2023 at 01:30PM FeedTitle Bitcoin News EntryAuthor Terence Zimwara EntryContent Former Minnesota Vikings Co-Owner Slapped With 75 Month Jail Term for Processing $750M Worth of Crypto Transactions

U.S. Attorney’s Office for the Southern District of New York announced on June 5 that the former co-owner of Minnesota Vikings, Reginald Fowler, has been sentenced to 75 months in prison for processing more than $700 million of unregulated transactions on behalf of crypto exchanges. Folwer was also ordered to pay a “forfeiture of $740,249,140.52 and restitution in the amount of $53,189,261.80 to the Alliance of American Football.”

Fowler’s Lies ‘Exposed the U.S. Financial System to Serious Risk’

The U.S. Attorney for the Southern District of New York announced on June 5 that Reginald Fowler, the former co-owner of Minnesota Vikings, has been sentenced to 75 months in prison “for arranging to process more than $700 million of unregulated transactions” on behalf of cryptocurrency exchanges. In addition, Fowler has been ordered to pay a “forfeiture of $740,249,140.52 and restitution in the amount of $53,189,261.80 to the AAF (Alliance of American Football).”

As per a statement issued by U.S. Attorney Damian Williams, Fowler was also punished for misrepresenting the true nature of his business and for lying about his net worth. Detailing Fowler’s alleged criminal activities which also threatened the country’s financial system, Williams said:

Reginald Fowler evaded federal law by processing hundreds of millions of dollars of unregulated transactions on behalf of cryptocurrency exchanges as a shadow bank. He did so by lying to legitimate U.S. financial institutions, which exposed the U.S. financial system to serious risk. He then victimized a professional football league by lying about his net worth in exchange for a substantial portion of the league.

Fowler’s ‘Illegal Money Transmission Service’

Citing court documents, U.S. Attorneys said sometime in 2018, Fowler began working with crypto companies that touted themselves as platforms that enabled individuals to seamlessly swap fiat currency for cryptocurrency. However, at the time, many United States-based banks were unwilling to have dealings with crypto exchanges. To overcome this challenge, Fowler’s crypto firms “lied to banks in order to open accounts that were used to process cryptocurrency transactions without the banks’ knowledge.”

In just ten months of operating the unlicensed business, Fowler and his partners had “processed approximately $750 million in cryptocurrency transactions in various currencies.”

Concerning Fowler’s reported acquisition of a significant stake in the American football league, the statement claimed that the former co-owner of the Minnesota Vikings had “falsely claimed personal ownership of GTS funds that, in fact, belonged to clients of his illegal money transmission service.”

In addition, U.S. attorneys also accused Fowler of failing to disclose to the AAF the seizure of GTS funds by the government just before his investment in the league. Fowler’s lies are one of the factors that forced the AAF to declare bankruptcy in 2019, the attorney’s statement added.

What are your thoughts on this story? Let us know what you think in the comments section below.

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