Southern Utah Man Sentenced to 3 Years in Prison for Crypto Fraud Scheme

2 mins mins

In Brief

Brian Sewell sentenced to 3 years for crypto-related fraud and illegal transactions.
Sewell defrauded over $2.9M and facilitated $5.4M in illicit crypto transfers.
Bitcoin holding above key support level, poised for potential upside movement.

Brian Garry Sewell, a Southern Utah man, was sentenced to three years in federal prison for wire fraud. Sewell defrauded investors out of over $2.9 million by falsely claiming expertise and promising high returns.

Prosecutors said he obtained money from at least 17 victims between 2017 and 2024. Sewell was also ordered to pay more than $3.6 million in restitution to victims and federal agencies.

Additionally, Sewell ran an unlicensed money-transmitting business, converting over $5.4 million in bulk cash to cryptocurrency.

His company, Rockwell Capital Management, facilitated crypto transactions for criminals involved in fraud and drug trafficking. Sewell failed to meet federal reporting and anti-money laundering requirements while charging fees for these transactions. Authorities noted that his actions violated numerous financial laws.

Authorities Continue Efforts to Combat Crypto Fraud

Federal investigators expressed concern about the rise of cryptocurrency-related fraud. “Fraud schemes like this don’t just involve financial losses; they shatter trust and upend lives,” said Robert Bohls, Special Agent in Charge of the Salt Lake City FBI.

Sewell’s case is part of a broader effort by authorities to hold fraudsters accountable in the growing crypto space. The FBI, IRS-CI, and Homeland Security Investigations led the investigation, which revealed the full extent of Sewell’s criminal activities.

As authorities continue their crackdown on illegal crypto activities, market watchers are keeping an eye on Bitcoin’s price movements. Recently, Bitcoin faced rejection from the 50-week EMA level, causing a dip in price.

However, it has managed to hold above the crucial $95,000 level. According to analyst TedPillows, “As long as Bitcoin holds above the $93,500-$94,000 zone, the next big move will be to the upside.” This key price zone could signal an opportunity for future gains as Bitcoin works to regain momentum and break past its resistance levels.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.