Failed Pro Football League Tied to Crypto Banking Scandal
Businessman Pleads Guilty to Federal Charges
NEW YORK (AP) — Nearly three years after he was indicted, a businessman who was one of the early investors in a failed professional football league called the Alliance of American Football has pleaded guilty to federal charges.
Collapse Linked to Crypto Scandal
The collapse of the AAF has been linked to the downfall of crypto banking firm Celsius Network, which was one of the league's primary investors. Celsius filed for bankruptcy in July 2022, leaving many customers without access to their funds.
Fowler's Role in AAF
Reginald Fowler, the businessman who pleaded guilty, was a minority owner of the AAF's Orlando Apollos team. He was indicted in 2020 on charges of wire fraud and conspiracy to commit wire fraud related to his involvement in the league.
Criminal Charges
As part of his plea agreement, Fowler admitted to misrepresenting the financial status of the AAF to potential investors. He faces a maximum sentence of 20 years in prison for each of the two charges.
Lingering Scandal
The collapse of the AAF and the subsequent scandal surrounding Celsius Network have cast a shadow over the world of cryptocurrency and professional sports. Fowler's guilty plea is a significant step in unraveling the complex web of events that led to the league's demise.
The fallout from this scandal is far from over, with many questions remaining as to how and why the AAF failed so spectacularly. As the investigation continues, it is likely that more details about the role of cryptocurrency in this saga will emerge.
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