Crypto Fraudster Might Serve Seven Years in Prison for Allegedly Running a Shadow Bank
An alleged cryptocurrency fraudster is facing a sentence of seven years in prison for allegedly running a shadow bank. Damian Williams, the US attorney for the Southern District of New York, has requested a seven-year sentence for Reginald Fowler, the alleged executive in a crypto shadow banking business that operated in 2018. According to an April 18 filing, Fowler’s court case has dragged on for five years, and he is scheduled to be sentenced on April 20.
In a letter of request written to US District Judge Andrew Carter, Williams explained that Fowler was arrested in 2019 and charged with illegal money transfers, bank fraud, and conspiracy related to shadow banking practices in unlicensed money transmitting business. Shadow banks refer to a group of unlicensed and unregulated bank-like entities that provide similar services like traditional commercial banks. They offer many services, mainly lending, and are called non-bank financial intermediaries. Williams is seeking the seven-year sentence on behalf of the government. He also requested a range of 15 to 20 years to show the seriousness of the offense and the need to promote respect for the law.
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