Washington County men accused in $2M crypto scheme indicted in federal court

Two Washington County men suspected of operating an unlicensed money transfer scheme to fraudulently convert bulk cash into cryptocurrency have been indicted in federal court.

Two Washington County men suspected of operating an unlicensed money transfer scheme to fraudulently convert bulk cash into cryptocurrency have been indicted in federal court. (Zolnierek, Shutterstock)


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ST. GEORGE — Two Washington County men suspected of operating an unlicensed money transfer scheme to fraudulently convert bulk cash into cryptocurrency have been indicted in federal court. The primary suspect faces a second indictment filed in a separate scheme that authorities allege defrauded investors out of more than $2.5 million.

The defendant, 52-year-old Brian Garry Sewell, of St. George, was recently arrested in northern Utah. A second defendant, Keen Lee Ellsworth, 57, of Toquerville, is scheduled to make an initial appearance in U.S. District court next week, according to a statement released by the U.S. Attorney's Office.

Documents filed in federal court allege that starting in March of 2020, Sewell and Ellsworth participated in a scheme managing an unlicensed money transfer business without registering the business with Utah state officials, as required by law. Ellsworth used his business, Ellsworth & Associates, to send more than $2.6 million through dozens of transactions to Sewell, who allegedly used his own business, Rockwell Capital Management to convert the funds into cryptocurrency.

Federal prosecutors allege that neither company was licensed to operate a money transmitting business.

Read the full article at St. George News.

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