Jeremiah Joseph Evans, known as "The Bull," has been sentenced to 96 months in prison for defrauding investors of over $20 million. The Utah County resident was convicted of securities fraud and money laundering after admitting to misleading approximately 530 investors through his company, Alpha Influence LLC.
Senior U.S. District Court Judge Tena Campbell handed down the sentence following Evans' guilty plea on January 23, 2025. In addition to the prison term, Evans will serve three years of supervised release and must pay $19,134,150 in restitution.
From July 2019 to July 2022, Evans misled investors by selling investments in e-commerce stores through Alpha Influence LLC. He falsely claimed that these investments would yield consistent monthly returns and misrepresented the company's success and longevity. Some testimonials about the company were from relatives or individuals who received commissions from investor funds. In one instance, Evans used $50,000 from the company's bank account to partially pay for a Lamborghini Huracan Evo.
Acting U.S. Attorney Felice John Viti emphasized the Department of Justice's commitment to protecting the public: “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 Department of Commerce, highlighted the broader impact: "Schemes like this not only affect individual lives but also erode the overall public trust in legitimate investment opportunities."
Special Agent in Charge Mehtab Syed from the Salt Lake City FBI noted Evans' motivation by greed: “Like many fraudsters, Mr. Evans was motivated by greed, using his victims’ money to fund a lavish lifestyle.”
The investigation was conducted by the Utah Division of Securities and the FBI Salt Lake City Field Office. The case was prosecuted by Assistant United States Attorneys Mark E. Woolf, Jennifer E. Gully, and Brian Williams.