Does Ryan Morgan Evans’ name ring a familiar bell? If you have been paying attention to the world of investment and securities, you may remember the name Ryan Morgan Evans as the final defendant in a high profile case brought by Securities and Exchange Commission. Evans, who was a Saivian executive, was involved in an offering fraud and a Ponzi scheme worth millions of dollars.
SEC announces resolution of case against Evans. It’s like the last piece in a complex puzzle falling into place. Evans has agreed that he will pay $338.743 to the SEC in disgorgement and prejudgment penalties. This sum is equivalent to a king’s ransom, given his role in selling securities that were not registered and promoting the fraud.
Evans was selling “Cashback Membership” The securities were a golden goose, which entitled their holders to 20 percent cashback on all retail purchases they made each month. What’s the catch? The catch? They had to pay $125 every 28 days, and submit their receipts. Evans allegedly falsely stated that the company funded the cash back payments by monetizing the data collected from point-of-sale transactions submitted by members.
Saivian, in reality, was operating as a Ponzi Scheme, a financial “house of cards” that promises returns to investors by leveraging the investments of other investors. It was also accused of operating a pyramid scheme that promised affiliates a daily income stream if they sold Saivian Memberships to their downline recruits.
The court granted the SEC’s summary judgment motion on May 24, 2023. It found that Evans’ sales and offers of Saivian were unlawful. “Cashback Memberships” These sales were of investment contracts. He was in violation of federal securities law when he sold unregistered securities.
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Evans must pay $111 614 in civil penalties and disgorge $175,000, plus $52,129 of prejudgment interests. Evans is facing a financial guillotine. Evans agreed to settle charges by admitting that he offered and sold unregistered security, but did not admit or deny the SEC’s other allegations.
The SEC plans to add the money Evans received to the Fair Fund, which was established to compensate investors who were harmed. This could be seen as the financial phoenix emerging from the ashes.
Geoffrey Gettinger and Margaret Vizzi worked together to conduct the SEC investigation, which was overseen by Ivonia Slade, Melissa Hodgman, and Michael Flanagan. David Nasse, Derek Bentsen Michelle Zamarin Geoffrey Gettinger Michael Flanagan and Kenneth Donnelly led a team that handled the litigation. The SEC was also grateful for the help provided by the Hong Kong Securities and Futures Commission and United Kingdom Financial Conduct Authority.
This case is a reminder to investors of the dangers of unregistered securities, and of the need for vigilance when it comes to investing. It is a tale of fraud, and a warning to investors not to invest in ventures which seem too good-to-be true. It’s true that, according to the old adage, if something looks too good, it most likely is.
