July 24, 2024

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House owners of Overseas Currency Exchange Investment Business Indicted for $129 Million Wire Fraud and Conspiracy | USAO-CO

3 min read

DENVER — United States Lawyer Jason R. Dunn announced that a federal grand jury has indicted Michael Shawn Stewart, 57, of Scottsdale, Arizona, and Bryant Edwin Sewall, 54, previously of Little Elm, Texas, charging them with fourteen counts of wire fraud and 1 count of conspiracy to commit wire fraud.  Defendant Stewart built his preliminary visual appearance today in entrance of United States Justice of the peace Choose Kristen L. Blend.  He remains out on bond.  Defendant Sewall stays at significant.    

According to the indictment, from late 2015 by September 2019, Stewart, Sewall, and a third small business partner owned and operated Mediatrix Capital for the function of soliciting investor money for algorithm-primarily based buying and selling in foreign currency trade (“FOREX”) marketplaces.  During the very same time, Stewart, Sewall and the third company companion had the vast majority possession of, and operated, Blue Isle Markets for the purported goal of acting as an intermediate broker concerning Mediatrix’s traders and its brokerage agency the place the Currency trading buying and selling took put.  From early 2016 as a result of September 2019, Stewart and Sewall allegedly brought about the third organization spouse to provide fake and deceptive information to traders and possible traders.  From early 2016 by late 2018, Stewart and Sewall falsely represented that Mediatrix experienced a background of prosperous Forex trading dating back to December 2013 with no months in which Mediatrix incurred web losses when, in truth, Mediatrix never traded prior to 2015 and its investing background provided numerous months in which net losses ended up incurred.  Mediatrix’s marketing and advertising elements falsely represented that Mediatrix’s Forex trading trading plan made available “100% Transparency” and “World Class Returns.”  From March 2016 by means of September 2019, investors despatched more than $129 million pounds to lender accounts held by Blue Isle and Mediatrix for the intent of investing in algorithm-centered Forex trading investing.  All through that time, trade losses in excessive of $32 million transpired, and Stewart, Sewall, and the third enterprise lover put in additional than $40 million on personalized and business charges.

Each depend of wire fraud carries a most penalty of 20 several years of imprisonment, three a long time of supervised release, a great of $250,000 or 2 times the gross obtain or decline resulting from the offense, and a $100 exclusive assessment.  The conspiracy count carries a most penalty of five many years of imprisonment, three yrs of supervised release, a fantastic of $250,000 or 2 times the gross get or loss ensuing from the offense, and a $100 unique evaluation. 

The rates in the indictment are allegations and the defendants are presumed harmless unless of course and till verified responsible.

The Federal Bureau of Investigation done the investigation with help from the United States Marshals Assistance.  Assistant United States Attorney Pegeen D. Rhyne is dealing with the prosecution.  Assistant United States Lawyers Tonya S. Andrews and William Gillespie are handling the forfeiture. 

The United States Attorney’s Place of work and the FBI would like to thank the United States Securities and Trade Fee, which submitted civil fees against Stewart, Sewall, and other defendants, for supplying details in link with this investigation.

Circumstance quantity:  21-cr-00034-WJM

 

 

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