Reginald Fowler, the former principal for Crypto Capital Corp who previously plead guilty to multiple felony charges has been spending his time on bail gambling hundreds of thousands of dollars.
Fowler, who was also part-owner of NFL team the Minnesota Vikings, has pleaded guilty to a raft of charges, including bank fraud, wire fraud, and operating an unlicensed money transmitter. The United States Attorney for the Southern District of New York filed a request to modify Fowler’s bail to forbid him from engaging in gambling after they obtained records of him doing just that from a casino in Arizona.
Crypto Capital Corp was an unlicensed money transmitter that was used by QuadrigaCX, Kraken, Bitfinex, and Tether among others. A number of the firm’s other principals have also been in legal trouble, including Ivan Manuel Molina Lee, who was arrested in Greece and extradited to Poland on suspicions of money laundering for the cartels.
Ravid Yosef has also been indicted in the Southern District of New York and is currently a fugitive.
Read more: US banks pressured to sever ties with crypto companies
When Fowler was arrested, he had a ‘Master US Workbook’ which appeared to detail his embezzlement of approximately 10% of client deposits from Crypto Capital Corp. He was also found to be in possession of around $14,000 in counterfeit bills, the materials needed to make more, and fraudulent bond certificates.
The US government is already seeking forfeiture of $750 million in assets related to Fowler’s crimes and the court may also order restitution. Gambling potentially impacts Fowler’s ability to pay the appropriate restitution. Fowler’s lawyer did not object to the modification, and the judge also accepted it.
Fowler’s sentencing has been repeatedly delayed but is currently scheduled for April 20.
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Source: https://protos.com/crypto-capital-corp-exec-banned-from-gambling-while-on-bail/