A man in Utah, USA, sentenced to three years in prison for cryptocurrency cash scam

BlockBeats News, January 16 – The U.S. Department of Justice reports that a man from Utah has been sentenced to three years in federal prison for involvement in cryptocurrency-related fraud.

54-year-old Brian Garry Sewell (from Washington County, Utah) was sentenced to 36 months in prison after pleading guilty to operating an illegal cash-to-cryptocurrency exchange business and defrauding investors of approximately $2.9 million. He will also be subject to three years of supervised release after serving his sentence. The court also ordered him to pay over $3.8 million in restitution to compensate the affected investors and the U.S. Department of Homeland Security.

Prosecutors disclosed that Sewell, between December 2017 and April 2024, deceived at least 17 investors by fabricating his experience, educational background, and high-yield capabilities. The Salt Lake City division of the FBI stated that Sewell profited through false promises, causing severe financial losses to multiple individuals and families.

The investigation began in 2020 and took nearly five years to conclude. Prosecutors stated that Sewell’s illegal cash-to-cryptocurrency exchange business transferred over $5.4 million through Rockwell Capital Management, which he controlled, forming the basis for subsequent criminal charges.