Evarist C. Amah

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26620 / August 26, 2026

Securities and Exchange Commission v. Evarist C. Amah, No. 7:21-cv-06694 (KMK) (S.D.N.Y. filed Aug. 9, 2021)

SEC Obtains Modified Final Judgment Against Individual Charged with Defrauding Fellow Members of His Religion

On July 15, 2026, the U.S. District Court for the Southern District of New York entered a modified final judgment as to Evarist C. Amah, who the SEC previously charged with operating a fraudulent investment scheme targeting fellow members of his religion.

According to the SEC’s complaint, filed on August 9, 2021, Amah ran a years-long scheme through which he raised approximately $698,000 from fellow members of his religion using materially false and misleading statements about his investment performance.  On September 28, 2023, the District Court granted the SEC's motion for summary judgment, and found Amah liable for fraudulently soliciting investments by “consistently offer[ing] positive projections while failing to disclose the serious losses he consistently incurred.” 

On July 2, 2024, the District Court entered a final judgment permanently enjoining Amah from violating 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), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The District Court also ordered Amah to disgorge $10,000.00 in ill-gotten gains, with $1,617.82 in prejudgment interest thereon, and to pay a civil penalty of $669,667.00.

On February 24, 2026, the U.S. Court of Appeals for the Second Circuit affirmed the District Court’s final judgment as to liability and remedies for Amah’s violations of the Securities Act and the Exchange Act, but vacated and remanded the final judgment as to the Advisers Act claims. 

On remand, the SEC moved to dismiss its Advisers Act claims and requested that the District Court enter a modified final judgment against Amah on the Securities Act and Exchange Act claims affirmed by the Second Circuit. On July 15, 2026, the District Court granted the SEC’s motion and entered a modified final judgment that permanently enjoined Amah from violating the antifraud provisions of the Securities Act and the Exchange Act, ordered Amah to disgorge $10,000.00 in ill-gotten gains, with $1,617.82 in prejudgment interest thereon, and ordered him to pay a civil penalty of $446,458.00.

The SEC's case was handled by Derek Bentsen, Timothy Work, Eric Berelovich, James Connor, James Carlson, George Bagnall, and Stacy Bogert.