Second former trading firm executive sentenced to 24 years for $179 million fraud

Michael Shawn Stewart, 63, of Scottsdale, Arizona, has been sentenced in federal court in Denver to 288 months in prison, or 24 years, and ordered to pay $93,273,838.16 in restitution. The United States Attorney's Office for the District of Colorado said Stewart was found guilty by a federal jury in May 2024.

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According to the office, the verdict covered 14 counts of wire fraud and one count of conspiracy to commit wire fraud. The case concerns defrauding Coloradans and clients worldwide of $179 million, as stated in the headline issued with the announcement.

The same announcement identified co-defendant Bryant Edwin Sewall, 59, formerly of Little Elm, Texas. Sewall was sentenced to 23 years in federal prison in November 2024 after being convicted on the same counts.

No further details on the fraud scheme were included in the source text.

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