ST. GEORGE, UTAH – Federal prosecutors have charged a pair of Utah men for operating an unlicensed money transmitting business that allegedly converted millions in cash to cryptocurrency.
Brian Garry Sewell, 52, and Keen Lee Ellsworth, 57, are accused of running the illegal operation from March 2020 to September 2020. According to court documents, Sewell’s entity, Rockwell Capital Management, was used to convert over $2.5 million into cryptocurrency after receiving funds from Ellsworth’s Ellsworth & Associates.
The duo is also charged with managing an unlicensed money transmitting business without registering it as required by law. From June 2020 to May 2021, Sewell transferred more than $2.6 million on behalf of another entity and converted the funds into cryptocurrency using Rockwell Capital Management.
In a separate case, Sewell faces additional federal charges including wire fraud, false statements in connection with loans, and money laundering. He is accused of lying to investors about his experience and ability to generate large returns, obtaining at least $2.5 million through fraudulent means.
Sewell is also charged with making false statements on a mortgage application and influencing a loan approval at Chartway Federal Credit Union by submitting fabricated documents.
The investigation was conducted jointly by the FBI and other federal agencies, with the U.S. Attorney’s Office for the District of Utah prosecuting the case.
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Key Facts
- State: Utah
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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