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Alliance of American Football original investor arrested on bank fraud charges

The Alliance of American Football’s original main investor Reggie Fowler was arrested on Tuesday with charges of bank fraud and operating an unlicensed money-transmitting business. If convicted, Fowler reportedly faces up to 70 years in prison.

A former minority stakeholder in the Minnesota Vikings, Fowler reportedly agreed to fund the start-up American Football league with up to $170m (€152m) as the primary investor. He invested around $25m but funds dried up around Christmas time, which in turn led to co-founder Charlie Ebersol agreeing to a deal with Carolina Hurricanes owner Tom Dundon to take over the league.

Dundon agreed to invest $250m initially but pulled the plug on the league after losing approximately $70m in eight weeks. The Alliance has now ceased business operations after filing for Chapter 7 bankruptcy. Creditors have been told they will not receive any money.