Crypto Capital Co-Founder Reggie Fowler will stand trial in February 2022 for running shadow banking operations and other allegations.
A recent court filing by federal prosecutors indicates that the co-founder of Crypto Capital, a Luxembourg-based cryptocurrency exchange company that has been accused of being involved with money laundering activities and terrorism financing, is set to go on trial.
He will be on trial starting next month over several charges including his alleged involvement in managing “shadow banking” schemes.
A New York judge has set the date of Fowler’s trial for February 14, 2022.
However, if the present pandemic sweeps through America in the next year and prevents people from attending court dates on time then they could be changed.
This is done to accommodate their needs as well as those who cannot attend because of other reasons such as the need for social distance or illness.
US prosecutors are accusing Fowler of operating an unlicensed money transmitting business and providing services to crypto firms.
He was additionally accused of bank fraud and conspiracy to commit bank fraud. Wait, what? Well, word has it he was laundering the Columbian drug lords’ cash generated from their illegal activities in cocaine trafficking, extortion, kidnapping, and murder-for-hire cases.
The trial for the accused Fowler is set to go underway on October 1, 2021.
The prosecution has until November 22, or five days after this date passes and they have not yet responded with their response paper to pre-trial motions submitted by lawyers representing the defendant’s side of matters in court proceedings.
Lawyers are allotted a deadline that falls before those imposed upon prosecutors wherein. They can submit rebuttal arguments against any potential defense mounted upfront from the opposing counsel’s team.
These responses must be issued within 5 consecutive business days spanning between now and then as well.
The jury selection process will also take place when both sides present their opening statements concerning whether Fowler should receive prison time instead of probation.
Not New To Controversy
Fowler’s notoriety has only grown since he left the NFL in 2003 to devote himself full-time as an entrepreneur.
In 2017, Fowler was back at it again with his business ventures by launching a cryptocurrency exchange called iFinex and also investing $5 million into another crypto trading platform called Bitfinex.
It would eventually become clear that things were not going so well for him. Both of these companies have had some significant setbacks this year: First Tether fell victim to Crypto Capital while losing 850 million dollars altogether.
They later found themselves on the wrong side of accusations after their mishandling caused them millions more than expected.
Bitfinex, the popular cryptocurrency exchange, hasn’t had it easy in this season. It has faced scrutiny for months.
The US authorities investigated whether it was a Ponzi scheme and if Tether had sufficient reserves of dollars to back its currency with. However, they finally got some good news this week.
The New York state prosecutors settled the charges against Bitfinex and Tether earlier in February imposing a civil penalty on both companies totaling $18.5 million – significantly less than what they were originally asking for ($75 million).
Furthermore, they have been ordered to shut all operations in NY. This move will relieve significant pressure from their shoulders while reassuring customers who no longer need fear having their assets seized by regulators without warning or notice like before.
The elusive Fowler and his fugitive partner Ravid Yosef are holding $345 million in 60 different bank accounts.
Some of the accounts were opened under the name of Global Trading Solutions LLC, a shell entity set up by Crypto Capital to launder money for corrupt officials who have fled their home countries with billions stolen from public coffers.
Fowler’s plea would have forced him to forfeit the money that he says rightfully belongs to him instead of accepting punishment for something that wasn’t even done by himself. So, what now? I guess we wait and see.
