By Stephone Coward
- Ex-NFL minority team owner, Reginald Fowler, has pled guilty to a $740M bank and wire fraud crypto scam
- The growing globally cryptocurrency market size is projected to reach $4.94 billion by 2030
One of the rare ex-NFL minority team owners, Reginald Fowler, will soon learn his future after he pled guilty to conspiring to commit several acts of bank and wire fraud. The Manhattan federal court prosecutors are seeking that the former Minnesota Vikings owner serve seven years in jail and that he cough up more than $740 million for his role in this crypto scam.
Why This Matters: Fowler joins a growing number of well known Black sports figures in legal jeopardy due to their respective engagements in this industry. Both Shaquille O’Neal and Steph Curry have been named in an $11 billion lawsuit following the bankruptcy filing from crypto exchange FTX.
Risk averse beware, the cryptocurrency market can yield big returns and even bigger losses. Yet the unknowns of investing in the nascent digital currency market are not enough to stop some Black athletes turned inventors from resisting the siren calls only to find themselves deep in troubled waters. The global cryptocurrency market size was valued at $1.49 billion in 2020, and is projected to reach $4.94 billion by 2030, which is perhaps why it has been alluring to many people like Fowler.
Situational Awareness: The pending lawsuits and sentencing should be cautionary tales for Black influencers and celebrities who lend their names, images, and likeness to make this industry not only more well known but more valuable. Fowler’s lawsuit notes that digital currency scam artists utilize some of the biggest names in sports and entertainment to raise funds and entice American consumers to invest billions of dollars into shady platforms “to keep the whole scheme afloat”.
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