Utah man sentenced for $2.9M crypto fraud, unlicensed business

Brian Gary Sewell received three years in prison for defrauding investors of $2.9M and running an unlicensed crypto business. He laundered $5.4M and must pay over $3.8M in restitution.

Brian Gary Sewell, a Utah resident, has been sentenced to three years in federal prison and three years of supervised release for defrauding at least 17 investors out of nearly $2.9 million through a fraudulent cryptocurrency fund. He also operated an unlicensed cash-to-crypto business, misrepresenting his credentials and promising high returns to investors from late 2017 through early 2024. In a separate scheme, Sewell managed Rockwell Capital Management, converting over $5.4 million in bulk cash to cryptocurrency for third parties, including criminals, without proper registration or compliance with anti-money laundering laws. Both sentences will run concurrently. Sewell was ordered to pay more than $3.8 million in restitution to investors, financial institutions, and the Department of Homeland Security. This case highlights federal authorities' commitment to enforcing regulations against crypto operators who violate financial laws, regardless of the scale of their activities.