Utah man sentenced to 3 Years in $2.9m fraud scheme

A Utah man has been sentenced to three years in federal prison for orchestrating a cryptocurrency investment fraud scheme that resulted in losses exceeding $2.9 million, according to the U.S. Attorney’s Office for the District of Utah.

Brian Garry Sewell, 54, received a 36-month prison sentence followed by three years of supervised release after pleading guilty to wire fraud. Court records indicate at least 17 victims were affected by the scheme, which operated between December 2017 and April 2024.

According to prosecutors, Sewell solicited money and cryptocurrency from investors by falsely claiming he possessed the expertise and background necessary to deliver high investment returns. The funds were misused rather than invested as promised, prosecutors stated.

Sewell also pleaded guilty to operating an unlicensed money-transmitting business. Between March and September 2020, he operated Rockwell Capital Management, converting more than $5.4 million in bulk cash into cryptocurrency for third-party clients, according to federal authorities. Some of those clients were linked to investment fraud schemes and drug trafficking, authorities said.

Sewell charged transaction fees while failing to comply with required registration and reporting rules under U.S. anti-money laundering laws, according to the U.S. Attorney’s Office.

U.S. District Court Judge Ann Marie McIff Allen ordered the prison terms to run concurrently and directed Sewell to pay more than $3.6 million in restitution related to the wire fraud charge. Additional restitution was ordered to the U.S. Department of Homeland Security.

“Sewell misled victims by promising returns he could not produce, leaving families to absorb serious financial losses,” FBI Special Agent in Charge Robert Bohls stated.

The sentencing comes as cryptocurrency-related crime continues to increase globally. Data from blockchain analysis firm Chainalysis shows illicit cryptocurrency addresses received approximately $154 billion in 2025, representing a 162% increase from the revised $57.2 billion recorded in 2024.

According to Chainalysis, much of the increase stemmed from state-linked actors, including networks connected to North Korea, Russia, Iran-aligned groups, and Chinese money laundering operations.

North Korean-linked hackers were responsible for approximately $2 billion in stolen cryptocurrency during 2025, according to Chainalysis. The firm characterized 2025 as the most damaging period to date for North Korean crypto theft, both in scale and complexity.

Nearly $1.5 billion of those losses stemmed from a February exploit targeting cryptocurrency exchange Bybit, which Chainalysis identified as the largest digital asset theft in cryptocurrency history.