The Securities and Exchange Commission has settled its case against Eric J. “EJ” Dalius and Saivian LLC, his company. They have agreed on a $24 million settlement to settle claims that they operated a Ponzi, pyramid and offering scheme. The SEC continues to pursue litigation against Ryan Morgan Evans.
The SEC claims that Dalius and Saivian were selling securities which promised to give 20 percent of the retail purchase price back each month. Investors paid a $125 monthly fee and submitted shopping receipts. In fact, Dalius and Saivian claimed falsely that they would fund these payments using the data collected from the point-of-sale transactions of their members. In reality, the scheme was a Ponzi, where new investments were used to pay out returns to previous investors. A pyramid scheme was also used, which offered affiliates a daily residual stream of income if they recruited more members. Dalius failed to disclose to investors his previous criminal conviction for multilevel marketing fraud.
Dalius LLC and Saivian LLC have agreed to jointly and severally forfeit $20,080.784.41 of net profits and prejudgment interest in the amount of $919.215.59. The defendants will each pay a civil penalty of $1,500,000. The defendants agreed to settle charges without admitting nor denying SEC allegations. The SEC will establish a Fair Fund in order to distribute settlement money among affected investors.
Geoffrey Gettinger led the SEC’s probe, which was overseen by Ivonia Slade. Melissa Hodgman also assisted. David Nasse and Derek Bentsen handled the litigation, along with Kenneth Donnelly and the investigation team. The SEC thanks the Hong Kong Securities and Futures Commission and United Kingdom Financial Conduct Authority for their assistance.
Recover Investment Losses
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SEC: What You Need to Know
Securities and Exchange Commission is an American regulatory agency that supervises and enforces federal security laws. The primary mission of the SEC is to protect investors and maintain fair, efficient, and transparent markets.
The SEC regulates a variety of participants in the securities market, including brokers, dealers and investment advisors. It is required that companies provide relevant financial information, which ensures transparency and helps prevent fraud.
The SEC also enforces securities law by investigating and prosecuting violations, such as insider trade, accounting fraud, or market manipulation. It also teaches and informs investors of their rights and offers resources for making informed investments decisions.
Overall, the SEC has a critical role to play in maintaining the integrity, investor confidence, and creating a fair, transparent, and honest financial system in the United States.
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