SALT LAKE CITY (ABC4) — Utah businessman Jeremiah Evans, known online as “The Bull,” has been sentenced to eight years in federal prison for defrauding 530 investors out of $20 million through his company, Alpha Influence LLC.
Evans received the sentence on May 7 from Senior U.S. District Court Judge Tena Campbell. In addition to prison time, he was ordered to serve three years of supervised release and pay $19,134,150 in restitution.
According to court documents, Evans lied to investors about the success and longevity of his e-commerce investment platform. He promised “consistent, predictable monthly returns” and failed to disclose that testimonials were either from relatives or individuals paid commissions from investor funds. Evans also misused company funds, including a partial payment for a white Lamborghini Huracan Evo.
Evans pleaded guilty in January to multiple fraud-related charges. Authorities say the fraud was carried out under the guise of legitimate e-commerce ventures, exploiting social media and close-knit community ties to build trust.
“Crime does not always come in the form of violence,” said Acting U.S. Attorney Felice John. “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, added, “Evans exploited Utahns’ trust to run a damaging scheme. These crimes erode faith in real investment opportunities.”
The FBI’s Salt Lake City office echoed those concerns, with Special Agent in Charge Mehtab Syed stating, “Stealing for personal gain doesn’t pay.”
In a related case, Kole Glen Brimhall, an associate of Evans, was sentenced earlier this week. He pleaded guilty to defrauding more than 130 investors of $5 million and received one year in prison, three years of supervised release, and an order to repay full restitution.
