BlockBeats news: On January 16, according to a message from the U.S. Department of Justice, a man from Utah was sentenced to three years in federal prison for involvement in a cryptocurrency-related fraud.
Brian Garry Sewell, a 54-year-old man from Washington County, Utah, was sentenced to 36 months in prison after pleading guilty to operating an illegal business exchanging cash for cryptocurrency and defrauding investors of approximately $2.9 million. After completing his prison term, he will also be subject to three years of supervised release. The court also ordered him to pay over $3.8 million in restitution to compensate the victim investors and the U.S. Department of Homeland Security.
The prosecution revealed that from December 2017 to April 2024, Sewell deceived at least 17 investors by fabricating his experience, educational background, and ability to generate high returns. The Salt Lake City Field Office of the Federal Bureau of Investigation stated that Sewell profited through false promises, causing significant financial losses to multiple individuals and families.
The case investigation began in 2020 and took nearly five years to reach a final conclusion. Prosecutors stated that the illegal cash conversion business associated with Sewell had moved over $5.4 million through Rockwell Capital Management, which he controlled, forming a key basis for subsequent criminal charges.