Reginald Fowler’s legal team said the former Minnesota Vikings minority owner was ready to plead guilty of involvement in Crypto Capital’s alleged shadow banking practices while the seizure was not part of the deal.
The company is a major player in the ongoing trial over that Bitfinex has not disclosed the loss of $ 850 million in client funds. The exchange says the funds have been deposited in Cryptocapital before they are confiscated by government agencies in different countries.
according to Law360Fowler’s lawyers they declared an agreement with the US government to plead guilty in January “exploded” because the former owner of the NFL team remained in custody unless he paid $ 371 million. The legal team made their comments during a conference call on October 15 in the southern borough of New York.
Authorities initially accused Fowler Bank fraud, illegal money transfers, and conspiracy related to Crypto Capital’s alleged shadow banking practices in 2019, and later A wire fraud fee was levied in February.
The $ 371 million requested in the plea is reportedly based on proceeds from Fowler’s alleged crimes. However, his legal team has argued that Fowler’s actions did not result in any loss for any of the victims and that his fortune did not forfeit.
The federal judge overseeing the case Andrew L. Carter Jr. stated that Fowler could still agree to plead guilty and later contest the confiscation of his property:
“Even if the government didn’t renew bids, Mr. Fowler could appeal the charges without admitting the charge of confiscation and there could be a separate trial.”
Fowler has been accused of acting as an unlicensed money transmitter and lying to financial institutions about the purpose of his accounts. Through the Panama-based company Crypto Capital, he allegedly provided shadow banking services for numerous cryptocurrency exchanges, including Bitfinex, Binance and QuadrigaCX.
Fowler has not pleaded guilty to all charges. Others related to the case are the president of Crypto CapitalIvan Manuel Molina Lee, arrested in 2019 by the Polish authorities on suspicion of money laundering and links to an international drug cartel. In the same year, charges were brought in the United States Oz Yosef, also a former CEO of Crypto Capital, on charges of conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transfer service.
Fowler has bailed $ 5 million. This appears to be the current rate for suspected crypto criminals. Unless you agree to the plead guilty agreement, your trial is scheduled to begin in January 2021.