SEC v. Eric J. "EJ" Dalius et al. (ponzi schemes, 2023)

Judgment entered

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In July 2023 the SEC announced a judgment against Eric J. Dalius, Saivian LLC and 1 other. The release announces the final judgment against Ryan Morgan Evans, the last defendant in the Saivian action, which the SEC alleged was a Ponzi and pyramid scheme selling "Cashback Memberships". The recorded figures are Evans's: $175,000 disgorgement, $52,129 interest and a $111,614 penalty.

The record

What was ordered

Civil penalty

$112k

Disgorgement

$175k

Prejudgment interest

$52.1k

Total relief

$339k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on July 20, 2023 as release LR-25783. The release announces the final judgment against Ryan Morgan Evans, the last defendant in the Saivian action, which the SEC alleged was a Ponzi and pyramid scheme selling "Cashback Memberships". The recorded figures are Evans's: $175,000 disgorgement, $52,129 interest and a $111,614 penalty. The court had found his sales were unregistered securities offerings.

This library tags the matter as a Ponzi scheme because the document describes returns to earlier investors paid from later investors' money, as alleged or found. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The relief recorded in our data is a civil penalty of $111,614, disgorgement of $175,000, prejudgment interest of $52,129, as the release or order states it. Penalty and disgorgement are distinct: disgorgement returns the gain, while the penalty is punitive. We store them separately so that aggregate figures across the library are not double-counted.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Ponzi schemes — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-07-20 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.