Southern Utah Man Sentenced To 3 Years For Crypto-Fraud!
It's becoming pretty common to hear about another cryptocurrency scam on the national news. You'lI even see documentaries about them on all the streaming services. You assume they're happening everywhere else, but not here!
This one DID happen right here in Washington County!
A 54-year old man from Southern Utah has been sentenced to three years in federal prison after he admitted to running a nearly $3,000,000 wire fraud scheme, along with operating illegal crypto businesses.
The newly sentenced man is Brian Garry Sewell, and according to federal court docs, this wasn't just a mistake or bad investment. Investigators say that the scheme stretched from 2017 through April of 2024, and involved at least 17 investors.
Unraveling the Fraud: Brian Garry Sewell’s Scheme
Prosecutors say that Sewell told investors that he had extensive experience running successful ventures with cryptocurrency. He allegedly claimed to have some pretty impressive credentials like a master's degree from Stanford University. Investigators say these claims are false.
The Financial Toll: Investors Lose Millions
Authorities say these investors lost more that $2.9 million, and that wasn't the only case!
In a separate federal charge, Sewell also admitted to running an unlicensed money-transmitting business under the name 'Rockwell Capital Management' in 2020. Court records say the company converted cash into crypto for a fee, without registering (as required by law.)
A federal judge ordered Sewell to serve three years in prison, followed by three years of supervised release. He must also pay more than $3.8 million in restitution combined between the two cases.
As part of his probation, he will be barred from participating in any crypto-related business and he cannot buy or sell crypto without approval.
More From 106.1 KDXU
