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2 US Entrepreneurs Arrested for Running Unlicensed Crypto Business

Liputan6.com, Jakarta – The Department of Justice (DOJ) and the United States Attorney's Office (US) District of Utah revealed that they have charged two individuals with running unlicensed crypto businesses and transactions. The two defendants are Brian Garry Sewell and Keen Lee Ellsworth who run businesses in St. Louis. George, Utah, USA.

Quote News.bitcoin.comThursday (20/6/2024) Sewell and Ellsworth were found to have converted funds worth USD 2.5 million or around Rp. 40.9 billion into cryptocurrency, between March and September 2020.

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The arrests of these two defendants were made over the weekend in Washington County.

Court documents reveal that during the period, Sewell and Ellsworth managed an unlicensed money transfer business, with Ellsworth using his entity Ellsworth & Associates to transfer more than IDR 40.9 billion to Sewell.

Then, Sewell converted these funds into cryptocurrency through his entity, Rockwell Capital Management.

However, it turned out that the two businesses had not obtained permits.

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In the period June 2020 to May 2021, Sewell also used Rockwell Capital Management to transfer more than IDR 42.6 billion on behalf of other entities.

“Sewell received funds via wire transfer and then converted those funds into cryptocurrency,” the DOJ said.

In a separate case, Sewell appeared in court last week, following a federal grand jury indictment. The multiple federal charges Sewell faces include wire fraud, making false statements in connection with loans, and money laundering.

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2 US Entrepreneurs Arrested for Running Unlicensed Crypto Business

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