A serial fraudster who helped run one Ponzi scheme just launched another the moment the first collapsed. Now he's finally paying something back—though only for the original scam.

Ryan Morgan Evans settled the SEC's case against him for $338,743 on July 14th. He'll hand over $175,000 in disgorgement, $52,129 in prejudgment interest, and a $111,614 civil penalty. The court signed off on the deal five days later.

But the settlement only covers his role at Saivian, the Ponzi scheme that Eric J. Dalius launched in 2015. The SEC sued Dalius and the company in 2018. Evans got added to the lawsuit two years later as an executive who helped run the operation. Most of the victims were scattered across Asia.

The money Evans is paying will go into a Fair Fund to compensate the investors he defrauded. The settlement also bars him from violating securities laws in the future.

What makes Evans different from your average white-collar criminal is his appetite for sequels. The moment Saivian imploded, he did exactly what he knew: he built another Ponzi scheme. He called it Elamant and used the same playbook—the bogus "submit your receipts" model that made Saivian work. This time he aimed at Africa instead of Asia.

When that scheme fell apart, Evans didn't stop. He simply rebranded Elamant as an "education platform" in 2021 and kept the scam running. It collapsed again soon after.

Last month, as his trial with the SEC approached, Evans moved fast. He scrubbed Elamant's website. He deleted its social media profiles. The digital footprints vanished.

Yet the SEC has never held him accountable for any of it. The Elamant scheme remains unsettled. Nobody knows how much he stole through that operation. No charges. No settlement. Nothing.

Evans walked away from one Ponzi scheme, immediately built another, rebooted it as something else, and watched it fail twice more. For his role in one fraud, he's now paying out of pocket. For everything else, he remains free.

🤖 Quick Answer

Who is Ryan Morgan Evans and what was his role in the Saivian fraud?
Ryan Morgan Evans is a serial fraudster who served as an executive helping to operate Saivian, a Ponzi scheme launched by Eric J. Dalius in 2015. The SEC added him to their lawsuit in 2020, two years after initially suing Dalius and the company for defrauding primarily Asian investors.

What amount did Ryan Evans settle with the SEC for?
Ryan Evans settled the SEC's case for $338,743 on July 14th. The settlement comprised $175,000 in disgorgement, $52,129 in prejudgment interest, and a $111,614 civil penalty. The court approved the agreement five days later.

How will the settlement funds be distributed to victims?
The money Evans is required to pay will be deposited into a Fair Fund established

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