The Utah businessman received an eight-year prison sentence after entering a guilty plea to scamming 530 investors out of $20 million.
On May 7, Jeremiah Evans, also known as “The Bull,” received his punishment in federal court. Judge Tena Campbell of the Senior U.S. District Court sentenced the defendant to jail imprisonment, three years of supervised release, and $19,134,150 in restitution.
Evans entered a guilty plea in January for using his business, Alpha Influence LLC, to defraud investors in e-commerce sites.
He misrepresented the length of time his business had been in operation and its level of success, according to court filings. Additionally, he allegedly assured investors that their investments would yield “consistent, predictable monthly returns” and neglected to reveal that his family members or other individuals who were compensated with commissions from investor profits provided the testimonials on Alpha Influence. Evans also partially paid for a white Lamborghini Huracan Evo with company cash.
“Crime does not always come in the form of violence, and for a number of years, Evans lied about the success of his company and defrauded millions of dollars from investors,” said Acting U.S. Attorney Felice John of the District of Utah in a statement regarding the sentencing.
The Utah Chamber of Commerce’s Executive Director, Margaret Busse, said:
“Evans exploited social media and Utahns’ strong community ties to lure unsuspecting investors into his scheme and caused significant harm. Schemes like this not only affect individual lives but also erode the overall public trust in legitimate investment opportunities. We deeply appreciate the unwavering dedication of the U.S. Attorney General’s Office and the tireless efforts of our own Utah Division of Securities, along with the FBI, in bringing these individuals to justice.”
According to Special Agent in Charge Mehtab Syed of the Salt Lake City FBI, “The sentencing shows that stealing for personal gain doesn’t pay. The FBI and our partners will hold accountable those who engage in fraudulent schemes.”
Kole Glen Brimhall, another man, was sentenced earlier this week for his involvement in Evans’ plot. Brimhall entered a guilty plea to scamming more than $5 million from more than 130 investors. In addition to three years of supervised release and a year in federal prison, he was ordered to pay $5 million in reparations to the victims.
