Ryan Morgan Evans

The SEC announced the resolution of its case against Ryan Morgan Evans, the last remaining defendant in the multi-million-dollar Ponzi and pyramid scheme known as “Saivian.” The Complaint alleged that Evans sold “Cashback Membership” securities that entitled holders to receive 20% cash back on their retail shopping purchases by paying a monthly fee and showing their receipts. Evans falsely claimed that the company funded the cash back payments to members by monetizing the point-of-sale receipt data submitted by its members. Instead, he used the funds to pay other investors and operated a pyramid scheme that promised a daily residual income stream. Evans agreed to pay $338,743 in disgorgement, prejudgment interest, and penalties.