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17.10.2020

If the parties to the process fail to agree on a deal, a meeting on the Crypto Capital case will take place in January 2021.

 

Reginald Fowler, a former investor in the Minnesota Vikings football club and part-time shareholder of Global Trade Solutions AG (GTS), is ready to admit his involvement in shady banking operations through the Panama-registered Crypto Capital Corp payment service, Law360 reports. Recall that Crypto Capital is a key defendant in the Bitfinex case against the state of New York.

 

Fowler, who is accused of bank fraud, illegal money transfers, electronic fraud and colluding in the framework of Crypto Capital, was already about to enter into a deal with the investigation at the end of 2019. Then the parties failed to agree because of the conditions under which the authorities could collect $ 371 million from the defendant. This is the amount the prosecutor estimates his income from illegal banking operations.

 

Fowler’s lawyers insist that his actions did not result in losses for the clients, and therefore the transaction should not inсlude the confiscation of property, even though the defendant can challenge the decision in court. If the parties fail to reach an agreement, a hearing on the case will take place in January 2021.

 

Recall that the persecution of Crypto Capital was the main reason for bringing charges against the Bitfinex cryptocurrency exchange. In April 2019, the New York State Attorney General’s office accused Bitfinex of concealing a $ 850 million loss from the funds of the exchange-affiliated Tether company.

 

Bitfinex lost money by transferring it to the account of the Crypto Capital payment service, which, according to the authorities in Portugal, Poland and the United States, is associated with the activities of the Colombian drug cartel. As part of the special operation, law enforcement agencies confiscated Crypto Capital’s assets, including the money received from Bitfinex.

 

To cover the losses, the exchange used the reserves of Tether. Despite the fact that Bitfinex has already made a number of payments in order to pay off the debt, the borrowing process itself did not meet the requirements for this type of operation. In this connection, charges were brought forward.

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28.10.2020, 04:59