Prosecutors Seek Seven-Year Prison Sentence for Reggie Fowler in Crypto Shadow Bank Case
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CommissionerU.S. Commodity Futures Trading Commission
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Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.
Featured SpeakerChristy Goldsmith Romero
CommissionerU.S. Commodity Futures Trading Commission
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.
U.S. prosecutors have asked a court to sentence former footballer Reggie Fowler to at least seven years in prison in the case involving Crypto Capital Corp., the shadow bank that lost hundreds of millions of exchange platform Bitfinex’s money.
Fowler, the alleged operator of Crypto Capital Corp., pleaded guilty to charges of bank fraud, wire fraud and conspiracy last April – around two years after rejecting a plea deal.
Court documents filed on Wednesday show prosecutors requesting at least seven years’ imprisonment – a reduced sentence compared to the typical recommended 15-20 years for similar crimes – and an order of forfeiture upwards of $740 million.
“Reginald Fowler has committed serious crimes. Only a significant period of incarceration, of at least 84 months’ imprisonment, could reflect that seriousness, promote respect for the law, and afford adequate deterrence,” the court document said.
Prosecutors also ask the court to issue an order of restitution amounting to $53 million on behalf of the Alliance of American Football (AAF), which they say was “a victim of Fowler’s wire fraud.”
Edited by Parikshit Mishra.
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Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.
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Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.
