Utah County man pleads guilty to securities fraud after scamming over 100 investors

SALT LAKE CITY – A Utah County man has pleaded guilty to securities fraud in the Utah District Court on Tuesday.

Kole Glen Brimhall, 27, pleaded guilty to securities fraud, according to a press release from the U.S. Attorney’s office, District of Utah.

According to the release, Brimhall sold investment contracts without a license to about 130 clients, through Alpha Influence, a company he had set up.

A filed charging document states that Brimhall sold those securities for anywhere from $30,000 to 40,000, offering automated stories with a net profit ranging from $4,000 to $7,000 monthly. According to that charging document, prosecutors alleged that Brimhall made nearly $5 million due to his scam.

The charging document also states that Brimhall failed to disclose several facts to prospective investors, including that the securities he was selling weren’t registered in the Utah Division of Securities, he was not licensed to sell those securities, and that “for years, investors did not timely receive their investment returns as promised,” among others.

According to the U.S. Attorney’s office press release, Brimhall would forward the majority of invested capital to his sales agents and his own account, with a small portion actually going to the investors’ stores.

According to the release, Brimhall is scheduled to be sentenced on March 24, 2025, at the Orrin G. Hatch United States District Courthouse.

Kole Glen Brimhall will be sentenced to one count of fraud, related to the offering and sales of securities.