Former NFL team co-owner Reginald Fowler has been served with a six-year prison sentence for “shadow banking” $700 million for crypto exchanges over a 10-month period.
It marks the end of a five-year long case that began when he was arrested in 2019 for alleged shadow banking. Shadow banking is a term used to describe bank-like activities that are carried out by non-bank entities.to all charges in 2020, but changed his plea to guilty in April 2022.
“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.” “Let it be clear: this Office is committed to prosecuting people who lie to banks and skirt the law as a means to conduct their business,” the U.S. Attorney stressed.
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