The Securities and Exchange Commission (SEC) has entered a final judgment against Evarist C. Amah, an investment advisor, who was previously charged with operating a fraudulent investment scheme.
On August 9, 2021, the Commission charged Amah with operating a multi-year scheme through which he raised approximately $700,000 from his advisory clients using materially false and misleading statements about his investment performance. On September 28, 2023, the Court granted the Securities and Exchange Commission’s motion for summary judgment. In doing so, the Court found Amah liable for fraudulently attracting investment “by consistently offering positive forecasts while failing to disclose the serious losses it consistently suffered”.
On July 2, 2024, the Court entered a final order permanently enjoining Amah from violating the anti-fraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and rule 10b-5 thereunder, and Sections 206(1), (2) and (4) of the Investment Advisers Act of 1940 and rule 206(4)-8 thereunder.
The Court also ordered Amah to disgorge $10,000 of ill-gotten gains, with $1,617.82 in prejudgment interest, and to pay civil penalties of $669,667.