ST. GEORGE, Utah — A southern Utah man has been sentenced to 36 months imprisonment after pleading guilty to wire fraud, costing investors nearly three million dollars.
Brian Garry Sewell, 54, will then face 36 months of supervised release after imprisonment. Sewell had already faced 36 months of imprisonment and 36 months of supervised release in a separate case that involved converting the bulk cash into cryptocurrency.
The two sentences will be served concurrently, at the same time, rather than consecutively, according to a press release by the District of Utah's U.S. Attorney's office.
"Sewell participated in a scheme from December 2017 to April 2024, in Utah and elsewhere, to defraud others by obtaining victims’ money and cryptocurrency. Sewell obtained money from at least 17 investors by lying about his experience, education, and ability to generate large returns. As a result, Sewell’s fraudulent behavior led to him obtaining over $2.9 million," said the press release in part.
From March to September of 2020, Sewell managed an unlicensed money transmitting business where his company converted the bulk cash into cryptocurrency for third parties that included criminals engaged in fraud and drug trafficking.
“This sentencing brings to an end a multi-million-dollar investment fraud scheme that used the operation of an unlicensed money transmitting business to defraud investors out of millions and steal hundreds of thousands of dollars from the federal government,” said IRS-CI Phoenix Field Office Acting Special Agent in Charge Jarom Gregory. “When this type of scheme emerges, all Americans are affected. Investors are victimized, taxpayers are defrauded, and dirty money is easily moved through the financial system with no scrutiny. IRS-CI will continue to investigate unlicensed money transmitting businesses and bring these fraudsters to justice.”
