A man in Utah, USA, was sentenced to three years in prison for a cryptocurrency cash fraud case

According to the U.S. Department of Justice, 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-for-cryptocurrency business and defrauding investors of approximately $2.9 million. He will also face three years of supervised release after completing his sentence.

The court also ordered him to pay over $3.8 million in restitution to compensate the victimized investors and the U.S. Department of Homeland Security. Prosecutors revealed that from December 2017 to April 2024, Sewell deceived at least 17 investors by fabricating his experience, educational background, and high return capabilities.

The head of the FBI's Salt Lake City field office stated that Sewell profited from false promises, causing significant financial losses to multiple individuals and families. The investigation into the case began in 2020 and took nearly five years to conclude. Prosecutors noted that Sewell's illegal cash-for-cryptocurrency operations transferred over $5.4 million through his controlled Rockwell Capital Management, forming a crucial basis for subsequent criminal charges.