The Securities and Exchange Commission (SEC) has obtained a final judgment against Evarist C. Amah, an investment adviser, who was previously charged with operating a fraudulent investment scheme.

On August 9, 2021, the Commission charged Amah for running a years-long 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 SEC’s motion for summary judgment. In doing so, the Court found Amah liable for fraudulently soliciting investments by “consistently offering positive projections while failing to disclose the serious losses he consistently incurred.”

On July 2, 2024, the Court entered a final judgment permanently enjoining Amah from violating the antifraud 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 in ill-gotten gains, with $1,617.82 in prejudgment interest thereon, and to pay civil penalties of $669,667.