Home Forum Complaints Evarist C. Amah Defrauds $700K by Exploiting Religious Trust

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      Patrick H. Moore
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      The SEC has charged a former financial advisor for defrauding members of his religious community out of hundreds of thousands of dollars. The complaint filed in the Southern District Of New York further stated that Evarist C. Amah fabricated at least two performance statements to conceal his misconduct.

      When two of his clients had account balances of $4,907 and $1,859, he reportedly gave them doctored statements that showed total assets of $439,751 and $325,794, respectively.

      The final judgment, entered on July 2, 2024, permanently enjoins Amah from violating the antifraud provisions of several federal securities laws, including Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934.

      The court also ordered Amah to disgorge $10,000 in ill-gotten gains, with $1,617.82 in prejudgment interest, and to pay civil penalties amounting to $669,667.

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