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Utah Man Accused of Running Unlicensed Money Transmission Business
St. George, Utah – A defendant in a financial crimes case appeared in federal court today following the return of an indictment by a federal grand jury in St. George after he and another defendant allegedly ran an unlicensed money transmitting business where bulk cash was converted into cryptocurrency.
Brian Garry Sewell, 52, of Washington County, Utah and Puerto Rico, was arrested in Salt Lake City. Keen Lee Ellsworth, 57, of Toquerville, Utah, is scheduled to appear in court for his initial appearance on the indictment June 24, 2024.
According to court documents, Sewell and Ellsworth participated in a scheme from March 2020 to September 2020 where they managed an unlicensed money transmitting business without registering it as required by law. Ellsworth used his entity, Ellsworth & Associates, to send more than $2.5 million to Sewell in dozens of transactions. Sewell then used his entity, Rockwell Capital Management, to convert the funds into cryptocurrency. Neither Ellsworth & Associates nor Rockwell Capital Management obtained a license to operate a money transmitting business.
In addition, from June 2020 to May 2021, Sewell used Rockwell Capital Management to transfer over $2.6 million on behalf of a separate entity. Sewell received the funds via wire transfer and then converted the funds into cryptocurrency.
Sewell is also accused of a separate crime, where he allegedly obtained money from investors by lying about his experience, education, and ability to generate large returns. As a result, Sewell’s fraudulent behavior led to him obtaining at least $2.5 million. For example, Sewell falsely claimed to investors that he ran previous cryptocurrency funds that generated significant returns; that he received a bachelor’s degree from Johns Hopkins University and a master’s degree from Stanford University; that he generated high returns with little risk of loss; and concealed from investors that he used Rockwell Capital Management as an unlicensed money transmitting business.
Brian Garry Sewell, 52, Washington County, Utah and Puerto Rico, was arrested in Salt Lake City for conspiracy to conduct an unlicensed money transmitting business, unlicensed money transmitting business, and theft of government property. He is also charged with wire fraud, false statements designed to influence the Federal Housing Administration or a mortgage lending business, false statements designed to influence a federally insured credit union, and money laundering – spending.
United States Attorney, Trina A. Higgins, of the District of Utah made the announcement. Assistant United States Attorneys Stephen P. Dent and Jennifer Muyskens of the U.S. Attorney’s Office for the District of Utah are prosecuting the case.
Key Facts
- State: Utah
- Category: Financial Crimes
- Source: DOJ Press Release â†â€â€
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