After several efforts in order to get away with the allegations, finally Crypto Capital executive pled guilty.
Now Reginald Fowler, an executive at crypto hedge fund firm based in San Diego, Crypto Capital has pleaded guilty to bank fraud. Earlier he filed a plea change last week itself for a bank fraud conspiracy. The fraud detailed for an operation of a business involved unlicensed money transmitting while conspiracy in order to operate an unlicensed money transferring business and wire fraud.
Crypto Capital Executive has been accused of being engaged in cryptocurrency exchanges shadow banking through his business firm. The allegations on Crypto Capital that the government has made is that the hedge fund company operated as a business of transmitting unlicensed money that led crypto dealings misinterpreting for its banking clients. Allegedly, Reginald Fowler opened several accounts with the bank under false belief to keep the funds to store and process the transactions for various exchanges including Binance, BitMEX and Kraken, etc.
There were allegations of Fowler running the business along with the partners Ravid Yosef and Oz Yosef. Other than Fowler, both the business partners have not surrendered or been caught under the legal custody.
At very first, Flower pleaded not guilty against the charges but later on around by 2020, it’s been getting clear that he was making attempts to change his plea from not guilty to guilty. He retained new counsel in 2021 and last week refiled with a letter for the plea.
The letter indicated that Fowler would enter an open plea that does without his right to trials and so asks the court for his sentence. At a remote hearing that happened recently, Fowler pled guilty for the charges he was alleged with and that would carry a maximum sentence of about 90 years in prison. US District Judge Andrew Carter will sentence him on August 30, 2022.
Source: https://www.thecoinrepublic.com/2022/04/26/why-did-reginald-fowler-a-crypto-capital-executive-plead-guilty/