The US Department of Justice reported that two Utah residents were recently charged with operating an unlicensed business. Americans converted more than $2.5 million into cryptocurrency.

Brian Garry Sewell and Keen Lee Ellsworth were engaged in crypto exchange from March to September 2020, the department assures. Ellsworth used his company Ellsworth&Associates, through which he transferred a total of more than $2.5 million to Sewell. In turn, Sewell converted the funds into cryptocurrency through his company Rockwell Capital Management. Both organizations did not have the necessary licenses to operate.

Last week, Sewell was also charged with wire fraud and money laundering through cryptocurrencies. Law enforcement officials claim that from December 2017 to April 2024, the founder of Rockwell Capital deceived investors by providing false information about his experience and education.

The businessman claimed to have degrees from Stanford University and Johns Hopkins University, assured investors of successful management of cryptocurrency funds, and also guaranteed high profits from crypto investments.

In February, the US Securities and Exchange Commission (SEC) also filed a complaint against Sewell, accusing him of fraud of $1.2 million. Instead of creating a cryptocurrency fund, the fraudster simply stole the collected funds, officials insist.