COMMUNITY LEADER ROBS FAITHFUL OF MILLIONS IN SHOCKING PONZI SCHEME!

U.S. Securities and Exchange Commission Litigation Release No. 26391, dated September 8, 2025.

The SEC charged Arsalan A. Rawjani and his company, Trade with Ayasa, LLC, with operating an affinity fraud and Ponzi scheme targeting the North Texas Ismaili community. Rawjani falsely promised guaranteed monthly dividends from options trading, but instead used new investor money to pay earlier investors and misappropriated funds for personal gain, leading to millions in investor losses.

In Plain English

Imagine someone promised you a great return on your money, like getting 3-5% back every month, by investing in something they were good at, like trading stocks. They said your money was safe and would grow. But instead of actually investing most of the money, they used money from new people to pay the promised returns to earlier people. They also took a lot of the money for themselves. When they couldn't get enough new people to pay everyone, the whole thing fell apart, and people lost their savings.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Establishing Trust and Expertise Arsalan A. Rawjani, a leader in the North Texas Ismaili community, presented himself as an expert in options trading. He operated an enterprise called Trade with Ayasa, LLC, which he used to solicit investments from fellow community members.
2. The Promise of High, Guaranteed Returns Rawjani falsely promised investors that their money would be pooled for options trading and that they would receive guaranteed monthly dividends, typically between three to five percent (a 36-60% annual return). He also claimed principal protection from trading profits.
3. Misrepresenting Investment Strategy Investors were told their money would be used for profitable options trading. However, the SEC's complaint alleges that only a small fraction, approximately $1 million out of the roughly $18 million raised, was actually invested in the options market through a broker dealer.
4. Insufficient Trading Profits The funds transferred for trading generated insufficient profits to cover the promised dividends. Less than $166,000 was transferred back to the bank account, indicating minimal to no meaningful trading revenues to sustain the scheme.
5. Ponzi Payments and Misappropriation Instead of using trading profits, Rawjani primarily used money from new investors to pay the promised dividends to earlier investors. Millions of dollars were also misappropriated for Rawjani's personal gain, including undisclosed withdrawals, commissions, and loans.
6. Scheme Collapse By late 2023 and early 2024, Rawjani's poor trading performance and inability to attract enough new investors caused the scheme to collapse. He stopped paying the promised monthly dividends, leaving investors with millions in losses.
7. Continued Solicitation Even after ceasing payments to earlier investors, Rawjani continued to solicit new funds, raising over $2 million between December 2023 and June 2024, by repeating the same false promises of monthly payments and principal protection.

The Enforcement Action

The SEC filed charges against Arsalan A. Rawjani and Trade with Ayasa, LLC (and its various corporate forms) for perpetrating an affinity fraud and Ponzi scheme. The complaint alleges violations of antifraud and registration provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC seeks injunctive relief, disgorgement plus pre-judgment interest, and civil penalties.

Original SEC litigation release ↗ · Browse all cases