Utah businessman pleads guilty to defrauding 500 investors of $20M

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Utah businessman pleads guilty to defrauding 500 investors of $20M

SALT LAKE CITY (

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) — A Utah businessman has pleaded guilty to defrauding over 500 investors of more than $20 million.

Jeremiah Joseph Evans, 29, of Utah County was charged with felony information on Jan. 21, 2025, after fraudulently selling investments in e-commerce stores through his business, Alpha Influence, LLC.

According to court documents, Evans, who said his nickname was “The Bull,” fraudulently obtained $20,894,674 from about 530 investors. Evans was accused of lying to investors about how successful Alpha Influence was and how long it was in business while promising to secure money in exchange for their investments.

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Evans reportedly sold the e-commerce stores to buyers as a passive investment, promising the stores would make “consistent, predictable, monthly returns.”

Federal prosecutors said Evans failed to disclose that the majority of the invested funds went directly to Alpha Influence and were used as commissions to those selling the fraudulent investments and himself, with only a small portion sent to the servicer of the stores.

U.S. Attorney of the District of Utah said Evans pleaded guilty to the to charges on Thursday, Jan. 23, 2025. He is scheduled to be sentenced on April 3.

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