According to Decrypt, the U.S. Department of Justice recently announced that Brian Garry Sewell, a 54-year-old resident of Washington County, Utah, has been sentenced to three years in federal prison, followed by three years of supervised release, for operating an unregistered cash-to-cryptocurrency business and defrauding investors of nearly $2.9 million. The court also ordered Sewell to pay over $3.8 million in restitution, including compensation to investors and the Department of Homeland Security. According to the prosecution, between December 2017 and April 2024, Sewell defrauded at least 17 investors by falsely promoting his experience, educational background, and profit-making ability.
Utah Man Sentenced to 3 Years in Federal Prison for $2.9M Cryptocurrency Fraud
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Summary
The U.S. Department of Justice announced that Brian Garry Sewell, a 54-year-old man from Utah, was sentenced to three years in federal prison for operating an unregistered cryptocurrency business and defrauding investors of $2.9 million. The court also ordered him to pay over $3.8 million in restitution. Prosecutors stated that between 2017 and 2024, Sewell deceived at least 17 investors by fabricating his background and the returns on their investments. The case is consistent with the CFTC's efforts to monitor and track illicit financial flows. As global regulators, such as the European Union, move forward with the Markets in Crypto-Assets (MiCA) regulation, such enforcement actions underscore the increasing scrutiny of cryptocurrency operations.
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