Ryan Morgan Evans reached a settlement with the Securities and Exchange Commission on May 31st, just days before his scheduled federal trial. The agreement in principle, confirmed by a Joint Stipulation filed June 1st, led the court to vacate Evans' June 7th trial date in the Saivian fraud case.
The SEC initiated its lawsuit against Evans in 2019. Regulators alleged Evans held an executive position within Saivian, a company they identified as a $165 million Ponzi scheme. A 2015 investigation into Saivian's operations had previously concluded the company functioned as an illegal pyramid and Ponzi scheme, promising members "cashback" on everyday purchases if they recruited others.
Eric J. Dalius, Saivian's founder and CEO, had already settled with the SEC in August 2022. That prior agreement resulted in the recovery of $24 million. Evans' current deal is expected to follow a similar structure, likely involving the disgorgement of ill-gotten gains and civil monetary penalties. The final terms remain subject to approval by the SEC's Commissioners, a process that typically takes several weeks.
Hours before the settlement became public, Evans reportedly began removing incriminating digital evidence related to Elamant, another scheme he launched in 2018. The timing suggests this data destruction may have been a condition of his agreement with the SEC. Elamant, like Saivian, operated on a fraudulent model, promising high returns through member recruitment and a deceptive cashback program that ultimately relied on new investor funds to pay earlier ones.
This pattern indicates Evans moved from one alleged Ponzi scheme to another. After Saivian's collapse, he essentially recycled the same playbook. Elamant mirrored Saivian's structure, offering "travel and lifestyle benefits" funded by new memberships rather than legitimate revenue. The quick transition to a new, identical operation suggests Evans viewed the initial federal scrutiny as a temporary setback needing a rebrand, not a lesson learned.
The settlement avoids what appeared to be an imminent and contentious courtroom battle. By agreeing to resolve the matter outside of trial, both sides signaled a desire to conclude the long-running case. The SEC's willingness to settle often indicates a strong evidentiary position and a high probability of securing a favorable judgment. For Evans, it likely means facing significant liability without the prolonged public exposure and legal costs of a full trial.
The specific financial obligations for Evans will not be clear until the SEC's Commissioners formally approve the final terms. This review ensures the settlement aligns with the Commission's enforcement goals and public interest. Historically, such settlements aim to recover funds for victims and deter future fraudulent activity.
The $24 million recovered from Eric J. Dalius's settlement in August 2022 has been earmarked for distribution to defrauded Saivian investors.