Estimated read time: 4-5 minutes
- Jeremiah Evans, "The Bull," was sentenced to eight years in prison for $20M fraud.
- Evans defrauded 530 investors through Alpha Influence, promising passive income via dropshipping.
- Evans used social media to flaunt Alpha's success through a lavish lifestyle, enticing investors.
SALT LAKE CITY — A Utah entrepreneur nicknamed "The Bull" was sentenced to eight years in prison for defrauding more than 500 investors of $20 million through illegal security investments.
Jeremiah Joseph Evans, 29, of Utah County, was sentenced in federal court on May 7 for fraudulently obtaining $20,894,674 from 530 investors through his company Alpha Influence. After his imprisonment, Evans will have three years of supervised release and must pay $19,134,150.00 in restitution.
"Today marks a significant step towards justice for the hundreds of Utahns victimized by Jeremiah 'The Bull' Evans' $20 million fraud," said Margaret Busse, executive director of the Utah Department of Commerce. "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."
Evans was indicted on Jan. 21 and pleaded guilty two days later to securities fraud and money laundering.
Between July 2019 and July 2022, Evans conducted a scheme to sell investments in "fully managed and automated" Amazon dropshipping stores, which he promised would generate passive income for investors, his sentencing memorandum states.
He managed a group of 67 "sales agents" who helped him sell the fraudulent investments — none of whom were licensed to sell securities. Evans also was not licensed to sell securities, court documents state.
Evans promoted Alpha's success through a "brash online persona" where he flooded social media with his lavish lifestyle, shared financial advice about investing in yourself, and even hosted a conference titled Alpha Con in Salt Lake City in February 2022.
At the conference, Evans stated, "No one will ever, ever tell me what to do. I live a life of freedom because I don't care what regulations come out of this country. I'm the (expletive) king!" according to court documents.
A year after the ridiculed conference, dozens of complaints began to pile up at the Utah Department of Commerce's Division of Consumer Protection.
Evans promised investors they'd receive consistent monthly returns and claimed the investment was "foolproof." He lied about Alpha operating successfully and had family and team members publish testimonials about the company's success.
"Evans exercised near total control over the coordinated narrative between Alpha and purchasing investors, a narrative built almost exclusively on falsehoods, material misrepresentations, and critical omissions," court documents said.
The length affinity fraud scheme had an "illusory promise of riches premised on a bulwark of lies" and targeted Evans' network of friends, family and associates. His online self-promotion was critical in inducing victims, according to the sentencing document.
"The Alpha investment scheme follows a similar pattern to other affinity fraud schemes and is notable for its simplicity while simultaneously shocking in its audacity," court documents state. "The Alpha investment scheme eventually collapsed, but not before tremendous damage was done."
"The financial setbacks for the disabled nurse seeking a form of passive income after receiving the diagnosis that he was going blind, the high school teacher and football coach looking to supplement his pay, or the recently divorced single mother fighting to make ends meet for her and her children, were significant and lasting. These stories are not unique amongst Evans' victims," court documents state.
In July 2021, Evans used $50,000 from Alpha Influence's bank account to make a partial payment for a white Lamborghini Huracan Evo. Evans' sentencing memorandum states this was "far from the only incident" where Evans improperly spent investor funds for personal use.
"Like many fraudsters, Mr. Evans was motivated by greed, using his victims' money to fund a lavish lifestyle," said 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."
In November, Kole Glen Brimhall, 27, of Orem, admitted to defrauding clients of more than $4.9 million. Brimhall fraudulently sold investments in e-commerce stores through Alpha Influence, according to the U.S. Attorney's Office for Utah.
Evans, who has his own podcast, describes himself on his website as "a former Division One quarterback and online entrepreneur. He has achieved over $70 million in online sales across seven different industries. … Throughout his career, he has helped over 300 students make their first six-figures online, with over 15 of them doing over seven-figures in online sales."
Evans is listed as a quarterback for BYU in 2017, but never played in a game.
