Utah man sentenced to three years for fraud, $5.4 million cash-to-crypto scheme
The Block
A Utah man was sentenced to three years in prison for wire fraud and operating an unlicensed cash-to-crypto conversion business.Summary
Brian Garry Sewell, a 54-year-old Utah man, was sentenced to 36 months in prison, to run concurrently, after pleading guilty to wire fraud that defrauded investors of over $2.9 million. In a separate case, he also pleaded guilty to operating Rockwell Capital Management as an unlicensed money-transmitting business, converting over $5.4 million in bulk cash into cryptocurrency for clients, including those involved in criminal activities. U.S. District Court Judge Ann Marie McIff Allen ordered Sewell to pay $3,822,909 in total restitution. The investment fraud scheme ran from late 2017 to early 2024, where Sewell lied about his experience to secure funds from at least 17 investors, promising unattainable returns.
(Source：The Block)