LEXINGTON, Ky. – William S. Evans, III, 69, is headed to federal prison for a decade after a judge sentenced him to 120 months behind bars for a brazen investment fraud that left dozens of victims reeling. The sentencing, handed down Tuesday by U.S. District Court Judge Karen K. Caldwell, closes a chapter on a scheme that preyed on the trust of friends and acquaintances in the Lexington area.
Evans, operating under the name Turning Point Investments, wasn’t a legitimate investor. He was a con man. He solicited nearly $17 million from over 20 investors, promising sky-high returns with minimal risk. The pitch? He’d expertly manage their funds in the volatile world of commodity futures. But according to his plea agreement, Evans never registered as a commodity pool operator, immediately raising a red flag. He convinced people to drain their life savings and even liquidate retirement accounts, all based on lies.
The scheme worked, at least for a while. Evans reported fabricated gains, doled out distributions to keep investors happy – and quiet – and relentlessly asked for more money. It was a classic Ponzi scheme, propped up by new investments paying off earlier ones. But the house of cards inevitably collapsed. Evans lost nearly all the money he actually *did* invest in the commodity futures market. The distributions were simply stolen from other investors, and a significant portion of the funds disappeared into Evans’ own pockets, used for personal expenses.
Evans pleaded guilty in June 2021, attempting to mitigate the damage. But the court wasn’t swayed. Judge Caldwell didn’t just hand down the 120-month sentence; she also ordered Evans to pay restitution totaling $16,934,773.40 – a sum that will likely take years, if not decades, to repay, if ever.
The case was a joint effort by the U.S. Secret Service and the Kentucky Department of Financial Institutions, with assistance from the U.S. Commodity Futures Trading Commission. Robert Holman, Special Agent in Charge of the Secret Service, and Charles Vice, Commissioner of the Kentucky Department of Financial Institutions, announced the sentencing alongside Acting United States Attorney Carlton S. Shier, IV for the Eastern District of Kentucky.
Assistant United States Attorney Kathryn Anderson prosecuted the case, ensuring Evans faced the consequences of his actions. While the sentence offers some measure of justice for the victims, the financial and emotional scars of this fraud will undoubtedly linger for years to come. This case serves as a stark reminder: if something sounds too good to be true, it almost certainly is.
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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