Reggie Fowler Pleads Guilty to Crypto Capital Corp Fraud


21 hours earlier Tue Apr 26 2022 09: 22: 02


Reading Time: 2 minutes

  • Crypto Capital Corp operator Reggie Fowler has actually pleaded guilty to numerous charges of monetary scams
  • Crypto Capital Corp unlawfully assisted crypto exchanges with their banking requirements
  • The business presumably lost lose to $1 billion of BitFinex’s cash in October 2018

Reggie Fowler, a lead figure in defunct shadow bank Crypto Capital Corp, the other day pleaded guilty to charges of bank scams, wire scams and conspiracy following his arrest 2 years earlier. Fowler, who played in the United States Football League (USFL), a temporary rival to the National Football League (NFL) that ranged from 1983 to 1985, was associated with the well-known shadow bank that used uncontrolled banking services to various cryptocurrency exchanges and was a crucial gamer in the Bitfinex/Tether case.

Crypto Capital Corp Was the Exchanges’ Exchange

Fowler’s case is a complicated one that extends back 3 years to his arrest in April 2019, where he was hung on charges of bank scams and running an unlicensed cash transferring service. Crypto Capital Corp was the lender to the stars in the crypto exchange world, with Kraken, BitMEX, Bitfinex, and even the unfortunate QuadrigaCX utilizing the platform to get its cash into banks.

Unfortunately for Crypto Capital Corp it did this completely without a license, and its operations made headings when it apparently lost $880 countless Bitfinex’s cash, causing the exchange needing to obtain the cash from Tether, which resulted in a lawsuit brought by the New York Attorney General’s Office

Fowler Left With No Choice

Fowler initially prepared to plead innocent, however then altered this to one guilty plea of running an unlicensed cash transmitter in December2019 He then withdrew his deal after being faced with the possibility of having to pay back almost $400 million, which resulted in authorities striking him with more charges.

Plea settlements stopped in July 2021, with a trial date set for February2022 This was pressed to May 16, however a plea offer was back on the table when Fowler’s lawyer stated recently that his customer was, when again, ready to get in a plea.

Despite pleading guilty, Fowler confronts 90 years in jail, although in truth this will be much lower. Fowler’s partner in criminal offense, Ivan Manuel Molina Lee, who was apprehended in Poland in March 2019, is still combating his own charges relating to the shadow bank.

Read More

What do you think?

Written by admin

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Main African Republic Launches Legal Framework For Economic Use Of Bitcoin

Main African Republic Launches Legal Framework For Economic Use Of Bitcoin

Zilliqa (ZIL) Falls to New Monthly Low of $0.095

Zilliqa (ZIL) Falls to New Monthly Low of $0.095