A con man with a fraud conviction walked away with over $165 million before federal regulators caught up with him—three years after he launched his scheme.

Eric J. Dalius started Saivian in 2015, picking up where his previous wire and mail fraud conviction had left off. He couldn't risk being the public face immediately, so he hid in the background and installed John Sheehan as a puppet president. Sheehan had no actual control over the company. The arrangement lasted exactly one year. In October 2016, Dalius emerged from the shadows to take over the president title himself.

The scheme itself was simple enough to fool thousands. Saivian convinced investors to deposit $125 monthly and submit receipts for purchases. The company promised 20% cashback through a mobile app called the Map Program, plus returns of up to $3,000 daily based on how many new investors they recruited. None of it was real. The SEC's investigation proved that Saivian generated no legitimate income whatsoever.

What made Saivian successful was geography. The scheme flopped in the US but gained serious traction in China. Money poured in from Chinese investors hungry for quick returns. Then in mid-2017, Chinese authorities cracked down hard. Arrests followed. Dalius and his top executives slipped away because they'd only traveled to China to pitch the scheme—they weren't there when the hammer fell.

With its primary source of victims drying up, Saivian collapsed officially in October 2017. By then, Dalius had extracted tens of millions from credulous investors across the Pacific.

He celebrated with a $16.5 million mansion in Miami purchased earlier this year, paid for with stolen investor cash.

The SEC filed its civil complaint on October 3rd. Alongside Dalius, the lawsuit targets Professional Realty Enterprises, the Pennsylvania corporation he controlled that registered the Saivian website. Also named: Saivian LLC and Savings Network APP LLC, both Delaware entities he used to launder stolen funds through bank accounts. The lawsuit includes Savings Network APP Limited, a Hong Kong company that managed the Saivian Cashback app, plus Saivian International Limited and Saivian INT Limited, both foreign entities Dalius owned that handled investor data and operations.

Dalius created a web of additional shell companies specifically to purchase real estate with stolen money. His wife, Kimberly A. Dalius, is listed as a relief defendant, as are the various LLCs he funneled investor cash through for property purchases.

The SEC describes Saivian plainly: a multi-million dollar Ponzi and pyramid scheme that bilked investors out of at least $125 million. The actual number may be higher.

🤖 Quick Answer

Who is Eric J. Dalius and what fraud scheme did he operate?
Eric J. Dalius is a convicted fraudster who founded Saivian in 2015, operating a Ponzi scheme that defrauded investors of over $165 million. Initially hiding behind puppet president John Sheehan, Dalius assumed the presidency in October 2016, orchestrating a fraudulent cashback program requiring monthly deposits and purchase receipts.

What was the SEC's legal action against Saivian?
The SEC filed a lawsuit against Eric J. Dalius regarding the Saivian Ponzi fraud scheme involving fraudulent investments exceeding $165 million. Federal regulators intervened approximately three years after the scheme's inception, charging Dalius with operating an unlawful investment operation defrauding thousands of participants.

How did Saivian deceive investors into participating?

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