- Brian Sewell was sentenced to three years in prison for a $3 million crypto fraud scheme.
- Sewell defrauded 17 investors, falsely claiming expertise, education and large returns, prosecutors say.
- Sewell was also accused of running an unlicensed money transmitting business.
ST. GEORGE — A Washington County man was sentenced to three years in prison for committing almost $3 million in wire fraud and operating a fraudulent cryptocurrency business.
As part of two federal cases, Brian Garry Sewell, 54, was ordered last month to serve three years in prison and three years of probation. The sentences will run concurrent to each other.
For the first case, he pleaded guilty to wire fraud that cost investors more than $2.9 million. His scheme, which ran from December 2017 to April 2024, involved defrauding at least 17 investors by lying about his experience, education and ability to generate large returns, according to court documents.
Some of his false claims to investors included previous experience with successful cryptocurrency businesses and receiving a master's degree from Stanford University, his indictment states.
In the second case, he pleaded guilty to running an unlicensed money transmitting business during 2020. According to court documents, Sewell managed Rockwell Capital Management without registering it as required by law. The illegal company converted cash to cryptocurrency for a fee on behalf of third parties, including fraudsters and drug traffickers, prosecutors said.
"In total, he converted over $5.4 million to cryptocurrency. He did so without complying with federal laws designed to prevent the movement of illicit funds," the U.S. Attorney's Office of Utah said.
U.S. District Judge Ann Marie McIff Allen ordered Sewell to pay $3,605,182 in restitution for the first case and $217,727 for the second. As part of his probation, Sewell is prohibited from participating in any business that involves cryptocurrency or purchasing or selling any cryptocurrency without approval of his probation officer, court documents state.
"Fraud schemes like this don't just involve financial losses — they shatter trust and upend lives," said Special Agent in Charge Robert Bohls of the Salt Lake City FBI. "Sewell preyed on his victims by lying about his experience and promising returns he could not deliver, leaving individuals and families to bear the consequences of his deception."
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