Wednesday, May 1, 2019

"The original main investor in the Alliance of American Football . . . was arrested Tuesday and charged . . . with committing bank fraud and operating an unlicensed money transmitting business"

ActionNetwork:

Sources said he agreed to fund the league with up to $170 million of his own money. Sources say the banks that are named in the fraud charges affirmed [his] liquidity, but if the charges are true, the money represented as [his] at the time was never actually his.

...

In 2013, [he] lost control of all his companies — there were more than 100 that he created — when it became known that he had debts of up to $60 million. He was also found to have falsified details in his bio, including that he played in the Little League World Series.

...

[He] told people he preferred to remain in the background, which is why his name was never mentioned when the AAF talked about owners.
Yahoo:
A superseding SDNY indictment unsealed yesterday charged two men with multiple felonies including bank fraud. Although the case makes mention of processing payments for cryptocurrency exchanges, it also helps put some pieces together in the unfolding story of Crypto Capital, the payment processor that reportedly had $850 million belonging to Bitfinex seized.