The former owner of the Minnesota Vikings is trapped in a massive Bitcoin scandal

The US Department of Justice has accused Fowler – who has also helped to launch the now defunct US Football Alliance – for concocting a parallel banking project that will treat hundreds of millions of dollars of unregulated transactions on behalf of several Cryptocurrency scholarships, like CCN reported.

One of these bitcoin exchanges – Bitfinex – would have misused the Tether cryptocurrency to hide that it had lost access to $ 850 million of client and corporate funds, which led the prosecutor's office General of New York to take legal action against the company.

Ghostly financial relations have bothered Reggie Fowler since Minnesota Vikings Days

Reggie Fowler attempted to become the majority owner of the Minnesota Vikings, but opted for a minority stake. | Source: Shutterstock

This is not the first time Reggie Fowler has noticed that his financial relationships are the subject of legal controversy.

In 2005, Fowler attempted to buy the Minnesota Vikings, which would have made him the first owner of the African-American NFL team.

Almost immediately, questions began to be raised about his finances, including more than 36 lawsuits against him.

At the time, it was reported that most of the lawsuits involved unpaid bills in several Fowler-owned companies.

When faced with the times, Fowler reportedly said about dozens of lawsuits:

"We have several companies and we carry out thousands of transactions every day. So, in the normal course of business, this happens. "

He even landed in hot water with the IRS after failing to pay his taxes, according to Forbes. His financial problems canceled out his hopes of majority ownership and he had to settle for a limited partnership in the team.

Eventually, Fowler lost control of all its companies with a debt of nearly $ 60 million, according to the Star Tribune. He also ended his participation in the Minnesota Vikings as a sponsoring partner.

Later, he became the initial investor of the Alliance of American Football (AAF) and may have contributed to the premature disappearance of the league by not releasing the $ 170 million that he had promised to 'invest.

Lesson learned for Bitcoin investors?

Crypto investors should know that they must now do their job with the nascent sector. Fowler's information is easily accessible through simple Google searches. Nevertheless, his dark relations have managed to go unnoticed, at least as regards his role in the bitcoin trade scandal.

Clearly, the lesson here is "do your due diligence".