February 7, 2023

Saivian LLC and owner EJ Dalius have agreed to pay $24 million in disgorgement, prejudgment interest, and penalties for operating a multimillion-dollar Ponzi and pyramid scheme.  According to the SEC, Savian and Dalius promised investors 20% cash back on retail shopping purchases as long as they paid a $125 fee every 28 days and submitted receipts for their purchases.  Savian and Dalius claimed the cash back payments were funded by monetizing receipt data, when in fact, it was funded by payments from prior investors.  In addition to the Ponzi scheme, Savian and Dalius also ran a pyramid scheme wherein affiliates sold memberships to others down the line.  SEC

Tagged in: Financial and Investment Fraud, Ponzi Schemes,