2021-08-09 sec-litreleases litigation_release 65 KB 1,817 chars

SEC v. Evarist C. Amah, No. LR-25162, Southern District of New York (Aug. 9, 2021) — Press Release

raw: Evarist C. Amah

Evarist C. Amah, No. LR-25162 (Aug. 9, 2021)

Caption: SEC v. Evarist C. Amah

summary

Evarist C. Amah, a Westchester-based investment adviser, defrauded fellow members of his Grail Movement religion out of $700,000 and faces SEC charges for violating multiple antifraud provisions.

paragraph

Evarist C. Amah, an investment adviser based in Westchester County, New York, allegedly defrauded members of his Grail Movement religion by misrepresenting investment performance and misusing client funds. Between April 2016 and July 2019, Amah raised approximately $700,000 through false statements about returns and fabricated performance reports. Amah faces charges for violating multiple antifraud provisions of the Investment Advisers Act, Securities Act, and Securities Exchange Act.

narrative

Evarist C. Amah, a Westchester-based investment adviser, was charged by the SEC with defrauding fellow members of his Grail Movement religion out of approximately $700,000. The alleged scheme, which took place from April 2016 to July 2019, involved Amah making materially false and misleading statements about his investment performance, telling clients that he had generated modest returns when, in reality, he had lost virtually all of their money. Amah also allegedly fabricated at least two performance statements to perpetuate his fraudulent scheme and conceal his misconduct. Additionally, Amah is accused of breaching his fiduciary duties by using individual clients' assets to pay expenses owed by another client, a fund. The SEC is seeking civil penalties, disgorgement of ill-gotten gains, and permanent injunctions against Amah. The charges include violating multiple antifraud provisions of the Investment Advisers Act, Securities Act, and Securities Exchange Act. The case is being handled by SEC attorneys, including Stephan Schlegelmilch.

Enriched metadata

Scheme: investment-adviser-fraud (100%)
Court: Southern District of New York
Victim loss: $700,000
Entity: Evarist C. Amah

Classified investment-adviser-fraud(confidence 100%). EDGAR detection: forms ADV/ADV-E/ADV-W/Form D· recall 33% / precision 13%. detection rule →

Exhibits & Attached Documents (1)

pdf Complaint against Defendant Evarist C. Amah (“Amah” or “Defendant”), alleges as follows:
217 KB 37,018 chars Source

Extracted insights

Dollar amounts 1

$700K $700,000 $100K–$1M

Entities 7

person evarist c. amah
person he had generated mode
person his investment performance
person investment adviser
person investment fraud scheme
agency sec's complaint
agency Securities and Exchange Commission

Triples 75

SEC charged Evarist C. Amah
SEC alleges Evarist C. Amah raised approximately $700,000
Evarist C. Amah engaging in a years-long scheme to defraud fellow members of his religion
Evarist C. Amah using materially false and misleading statements about his investment performance
Evarist C. Amah telling them he had generated mode
Securities and Exchange Commission charged Evarist C. Amah
Evarist C. Amah engaged in a years-long scheme to defraud fellow members of his religion
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah used materially false and misleading statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding members of his religion
Evarist C. Amah raised approximately $700,000 from advisory clients
Evarist C. Amah made materially false and misleading statements about investment performance
SEC charged Evarist C. Amah
SEC alleged years-long scheme to defraud
Evarist C. Amah engaged in scheme to defraud fellow members of the Grail Movement
Evarist C. Amah told clients he had generated mode
April 2016 began investment fraud scheme
July 2019 ended investment fraud scheme
Securities and Exchange Commission charged Evarist C. Amah
Evarist C. Amah engaged in a years-long scheme to defraud fellow members of his religion
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah used materially false and misleading statements about his investment performance
Evarist C. Amah told them that he had generated mode
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Securities and Exchange Commission charged Evarist C. Amah
Evarist C. Amah is investment adviser
Evarist C. Amah defrauded members of his religion
Evarist C. Amah raised $700,000
Evarist C. Amah engaged in scheme to defraud
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance
Securities and Exchange Commission charged Evarist C. Amah
Evarist C. Amah defrauding Members of His Religion
Amah raised $700,000
Amah engaging in scheme to defraud
Securities and Exchange Commission charged Westchester County, New York-based investment adviser Evarist C. Amah
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah defrauded fellow members of the Grail Movement
SEC's complaint alleges Amah raised $700,000 using false statements about investment performance
SEC charged Westchester Investment Adviser
SEC alleges Amah raised approximately $700,000 from his advisory clients using materially false and misleading statements about his investment performance
Amah telling them he had generated mode
Evarist C. Amah charged with defrauding fellow members of his religion, the Grail Movement
Evarist C. Amah raised approximately $700,000 from his advisory clients
Evarist C. Amah made false statements about his investment performance

PDF (from attached: pdf)

Complaint against Defendant Evarist C. Amah (“Amah” or “Defendant”), alleges as follows: · Source

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Extracted body text (1,817c)

SEC Charges Westchester Investment Adviser with Defrauding Members of His Religion Litigation Release No. 25162 / August 9, 2021 On August 9, 2021, the Securities and Exchange Commission charged Westchester County, New York-based investment adviser Evarist C. Amah with engaging in a years-long scheme to defraud fellow members of his religion, the Grail Movement. The SEC's complaint alleges that, from April 2016 to July 2019, Amah raised approximately $700,000 from his advisory clients using materially false and misleading statements about his investment performance, telling them that he had generated modest returns on their investments when, in reality, he had already lost virtually all of their money. According to the complaint, Amah also fabricated at least two performance statements to perpetuate his fraudulent scheme and conceal his misconduct. Amah also allegedly violated the fiduciary duties he owed to his individual clients by favoring another client, a fund, over them, using the individual clients' assets to pay expenses owed by the fund. The SEC's complaint, filed in federal district court in New York, charges Amah with violating the antifraud provisions of Sections 206(1), (2), and (4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, as well as with aiding and abetting his investment advisory firm's violation of Section 17(a)(2) of the Securities Act. The SEC is seeking civil penalties, disgorgement of ill-gotten gains, and permanent injunctions. The investigation was conducted by Eric Berelovich and Timothy Work and supervised by George Bagnall and Jennifer Leete. The litigation will be led by Stephan Schlegelmilch. SEC Complaint

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Exhibits & Attached Documents (1)

Extracted insights

Related documents (1)