A Utah man has been sentenced to three years in prison for defrauding investors and operating an unlicensed business that converted millions in bulk cash into cryptocurrency, prosecutors said Thursday.
Brian Garry Sewell, 54, was sentenced to 36 months in prison and 36 months of supervised release after pleading guilty to wire fraud that cost investors more than $2.9 million.
In a separate case, he also pleaded guilty to operating an unlicensed money-transmitting business that converted more than $5.4 million in cash into cryptocurrency for third-party clients, including criminals involved in fraud and drug trafficking.
Both sentences will run concurrently, resulting in a total prison term of three years, according to a statement from the U.S. Attorney’s Office for the District of Utah.
U.S. District Court Judge Ann Marie McIff Allen also ordered Sewell to pay $3,822,909 in total restitution. The sum includes $3,605,182 to defrauded investors, a mortgage lender, a credit union, and $217,727 to the U.S. Department of Homeland Security.
According to the statement, Sewell’s investment fraud scheme operated from December 2017 through April 2024, during which prosecutors said he obtained money and cryptocurrency from at least 17 investors by falsely representing his experience, education, and ability to generate high returns.
“Sewell preyed on his victims by lying about his experience and promising returns he could not deliver, leaving individuals and families to bear the consequences of his deception,” Special Agent in Charge Robert Bohls of the Salt Lake City FBI said in the statement.
Concurrently, from March to September 2020, Sewell operated Rockwell Capital Management as an unlicensed money-transmitting business, converting bulk cash to cryptocurrency. Sewell charged a fee for each transaction and did not comply with federal anti-money laundering registration and reporting requirements.
The development occurs as cryptocurrency-related crime continues to expand. Illicit cryptocurrency addresses received a record $154 billion in 2025, a 162% increase from the revised $57.2 billion reported in 2024, according to Chainalysis.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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