Utah businessman sentenced to prison after defrauding investors $20M

Jeremiah Evans, nicknamed “The Bull,” was sentenced on May 7 in federal court. Senior U.S. District Court Judge Tena Campbell imposed the sentence of prison time in addition to three years of supervised release and an order to pay $19,134,150 in restitution.

Evans pleaded guilty in January to fraudulently selling investments in e-commerce stores through his company, Alpha Influence LLC.

According to court documents, he lied about how successful his company was and how long it had been in business. He also reportedly promised investors their investments would generate “consistent, predictable monthly returns,” and failed to disclose that testimonials about Alpha Influence were made by his relatives or other people who received commissions paid from investor proceeds. Additionally, Evans used company funds to make a partial payment for a white Lamborghini Huracan Evo.

In a statement about the sentencing, Acting U.S. Attorney Felice John of the District of Utah said, “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.”

Margaret Busse, Executive Director of the Utah Chamber of Commerce, stated:

“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.”

Earlier this week, another man, Kole Glen Brimhall, was sentenced for his part in Evans’ scheme. Brimhall pleaded guilty to defrauding over 130 investors of more than $5 million. He was sentenced to a year in federal prison, three years of supervised release, and to repay $5 million in restitution to the victims.