A man in Utah, USA, has been sentenced to three years in prison for cryptocurrency fraud

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

Brian Garry Sewell, 54, from Washington County, Utah, operated an illegal cash-to-crypto exchange business and defrauded investors of approximately $2.9 million. After pleading guilty, he was sentenced to 36 months in prison and will be subject to three years of supervised release upon completion of his sentence. The court also ordered him to pay over $3.8 million in restitution to compensate the defrauded investors and the U.S. Department of Homeland Security.

The prosecution revealed that between December 2017 and April 2024, Sewell deceived at least 17 investors by fabricating his own experience, educational background, and ability to generate high returns. The Special Agent in Charge of the FBI's Salt Lake City Field Office stated that Sewell's false promises resulted in significant economic losses for multiple individuals and families.

The investigation into the case began in 2020 and took nearly five years to conclude. The prosecution mentioned that Sewell's illicit cash exchange business, conducted through his entity Rockwell Capital Management, moved over $5.4 million in funds, forming a crucial basis for the subsequent criminal charges.