crypto capital operator in court

Former NFL boss and operator of Crypto Capital have rejected a plea deal by the US government following an indictment last April.

This is according to Federal court documents released on February 22, 2020. Crypto Capital operator, Reginald Fowler is currently facing wire fraud charges and also allegedly tried to acquire the major stake of a professional football league with stolen funds. Although the league shut down after only eight weeks of play.

Fowler recently rejected a US plea deal that required him to plead guilty to the single charge of operating an unlicensed money transmission exchange. Alongside forfeiting $371 million deposited in about 50 accounts. He, however, rejected the deal and the court hearing is expected to commence on April 28, 2020. A memo by the district judge, Andrew Carter of the southern New York District revealed that pretrial motions will be filed by February 28. Opposition motions filed by March 13. And responses expected by March 20 before the commencement of the trial in April.

More charges for Fowler  

Although the identity of the football league Fowler was trying to obtain remains undisclosed. Details of it seem quite similar to the now-defunct and short-lived NFL rival, Alliance of American Football.

Well known for being an NFL boss rather than a crypto operator. Fowler is also facing trials alongside Ravid Yosef, an Israeli woman. As they both operated an unlicensed crypto exchange platform. They lied to banks, opened several accounts in lieu of crypto exchanges and used them as channels to siphon funds. 

Last May, a link was made between these two individuals and Panamanian firm, Crypto Capital Corp. Tether and Bitfinex accusation by the NYAG also further exposed crypto capital as behind the loss of $850 million. Allegedly deposited with Crypto Capital and concurrently seized by US, Poland and Portugal authorities.

It is important to note that Crypto Capital President Ivan Manuel Monila Lee is also in custody. He was arrested by Polish police authorities last October. First, he was apprehended in Greece before being transferred to Poland. Alongside money laundering charges, he also stands accused of spearheading the activities of an international drug cartel. 

The crypto space and crime

Several exchanges have defrauded their users. Some like FCoin due to avoidable occurrences while several others have pulled exit scams on their users. Exchanges like Bitsane, Oyster Pearl, amongst several others. By last year’s August, crypto-related scams had already resulted in a loss of about $4.26 billion in 2019. With this in mind, several exchanges and governments have increased awareness of how to spot fraudulent exchanges and how to avoid them.

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