Crypto Capital co-founder: I won’t do a plea deal
A man who co-founded a crypto firm and now stands accused of bank fraud has refused to sign a plea deal with prosecutors in the US.
Reginald Fowler, who helped set up Crypto Capital, was taken into custody over claims that he operated a shadow banking platform for crypto firms.
He has since been charged with bank fraud, as well as conspiracy to commit bank fraud.
He is also facing charges of operating a money transmission firm without the appropriate licenses in place.
He was offered a plea deal by prosecutors, but it came with a condition that he was not willing to accept.
He was told that he had to give up a large sum of cash, believed to be as much as $371m, which he had distributed across over 50 bank accounts.
The talks around a plea deal on at least one of the charge counts kicked off in January, which caused the trial to be delayed.
Prosecutors have now released a letter sent to the judge in the case. In it, they claim indicate that the offer has now been “formally withdrawn”.
“On Thursday, Mr. Fowler rejected the current plea offer, and the Government has formally withdrawn that offer; thus, the parties anticipate the case proceeding to trial as scheduled on April 28, 2020”, they said.
“Although the Court set a schedule for motions in limine in advance of trial, a motion schedule for general pretrial motions has not been set; thus, the parties will confer and submit a joint letter within the next week proposing a schedule for the Court’s consideration”, they added.
Florida’s CFO says crypto chief needed
A senior government figure in the US state of Florida has called for the state to hire a cryptocurrency chief in order to provide oversight of the sector.
Jimmy Patronis, who is the state’s chief financial officer and state fire marshal, said that he had asked his office to look into the creation of such a role – and that the new person would be specifically responsible for looking into how laws in the state pertain to Initial Coin Offerings (ICOs).
In Florida, the chief financial officer is a government position and does not mean the same as the title might in the private sector.
“I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state”, he said.
He provided examples of other states which he claimed were already taking a proactive stance in regard to cryptocurrencies.
“The Alabama Securities Commission recently sent a cease and desist order to Platinum Coin from Miami to prohibit the company from issuing securities within Alabama”, he said.
“Other states have identified and are taking action against bad actors in the cryptocurrency industry. Florida must also protect our residents”, he added.
- Keep Trading the Technicals to Take Advantage of a Quiet News Week
- Trading Strategies to Suit The Week of 18th October
- Will Commodities Offer Protection From Inflation?
- Earnings Season to The Rescue – What to Watch Out for This Week
- State of the Nation – Up to Date Reports on Which Brokers Can be Trusted – FXTM
- ‘Diamond Hands’ Traders Get Ready to Buy
Keep Trading the Technicals to Take Advantage of a Quiet News Week
Trading Strategies to Suit The Week of 18th October
Safest Forest Brokers 2020
|Broker||Info||Best In||Customer Satisfaction Score|
|#1||Your capital is at risk Founded: 2011||Global CFD & FX Broker||
BEST FOREX BROKER Visit broker
|#2||Your capital is at risk Founded: 2014||Global Forex Broker||
BEST SPREADS Visit broker
|#3||Your capital is at risk Founded: 2014||Global Forex & CFD Broker||
Best Trading Conditions Visit broker
|#4||67% of CFD traders lose Founded: 2006||Global CFD & FX Broker||
ALL-INCLUSIVE TRADING PLATFORM Visit broker
|#5||CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010||Global Forex Broker||
Low minimum deposit Visit broker
Stay up to date with the latest Forex scam alerts
Sign up to receive our up-to-date broker reviews, new fraud warnings and special offers direct to your inbox