US prosecutors have asked for Reggie Fowler, the alleged operator of shadow bank Crypto Capital Corp, to be sentenced to at least seven years in prison, along with an order of forfeiture upwards of $740m. Fowler pleaded guilty to charges of bank fraud, wire fraud, and conspiracy last April. Prosecutors also ask the court to issue an order of restitution amounting to $53m on behalf of the Alliance of American Football (AAF), which they say was "a victim of Fowler’s wire fraud." The court document said that Fowler had committed serious crimes and only a significant period of incarceration could reflect that seriousness, promote respect for the law, and afford adequate deterrence.

(By Sandali Handagama)