Reggie Fowler take a crack ated to become the majority owner of the Minnesota Vikings, but he settled for a minority stake. | Source: Shutterstock
Ex-Minnesota Vikings Owner Ensnared in Massive Bitcoin Scandal
It’s not the first eventually that Reggie Fowler has found his financial dealings the subject of legal controversy.
In 2005, Fowler attempted to buy the Minnesota Vikings, which desire have made him the first African-American NFL team owner.
Almost immediately, questions began being raised connected with his finances, including more than 36 lawsuits that had been filed against him.
Back then, it was reported that most of the lawsuits were greater than unpaid bills racked up at several of the companies Fowler owned.
When confronted back then, Fowler reportedly powered about the dozens of suits:
“We have several companies, and we have thousands of transactions that go through our companies each day. So as the typical course of business, this does happen.”
He even landed in hot water with the IRS over failing to pay taxes, agreeing to Forbes. His financial issues quashed his majority stake hopes and he had to settle for having a limited partnership in the team.
In the end, Fowler lost control of all his companies amid a debt of nearly $60 million, according to the Star Tribune. He also ended up forsaking his limited partner stake in the Minnesota Vikings.
Later, he became the original investor in the Alliance of American Football (AAF) and may drink contributed to the league’s untimely demise by failing to deliver the full $170 million he had promised to invest.
Lesson Well-educated for Bitcoin Investors?
[embedded content]
Crypto investors should know by now they need to do their homework on the actors involved in the nascent industry. Fowler’s information has been readily available through simple Google searches. Regardless, his shadowy dealings managed to fly under the radar, at least when it came to his role in the bitcoin exchange scandal.
Obviously, the lesson to learn here is: “do your due diligence.”