Court Orders Aras Investment CEO and Four Others to Pay in Ponzi Scheme That Targeted Mexican American Investors

Published Oct. 12, 2026. Case statuses are current as of that date. This article is based only on documents published by the U.S. Securities and Exchange Commission.

Investors were promised a stake in U.S. real estate and a Mexican mine, with monthly returns as high as 10%. According to the Securities and Exchange Commission, no investor money was ever invested, and much of it paid earlier investors or bought luxuries for the man at the top, including a $2.5 million mansion in Texas.

On July 13, 2026, the U.S. District Court for the Western District of Texas entered a final judgment in the SEC's case against Aras Investment Business Group S.A.P.I. de C.V., a Mexico-based company; its CEO, Armando Gutierrez Rosas; and four individuals: Maria de Lourdes Tolentino Roque, Diayanira Rendon Trejo, Efren Quiroz Gardea and Luis Quiroz Gardea [1].

The SEC first filed the case on Sept. 21, 2023 [2].

What the SEC alleged

According to the SEC's complaint [2], from about March 2020 through November 2021, Gutierrez, through Aras and a U.S.-based affiliate, Aras Business Group LLC:

• solicited at least 450 U.S.-based investors in several states, most of them native Spanish speakers in the Mexican American community;
• raised about $15 million, telling investors their money would be invested in real estate and a Mexican mine owned by Aras;
• promised monthly returns ranging from 4.5% to 10%, depending on when and how much people invested and the length of the contract; and
• described the investments as "secure investment funds with minimal risk."

The SEC alleged that all of those claims were false and that no U.S. investor funds were used for investment purposes. Instead, according to the complaint, Gutierrez directed others to pay investors their "returns" from later investors' deposits, in Ponzi fashion, and to send him investor money or buy him expensive items, including a $50,000 engagement ring. The complaint said U.S. investors lost more than $6 million [2]. The SEC's 2026 release adds that Gutierrez used investor funds for personal expenses including a $2.5 million mansion in Texas [1].

The roles of the four individuals

The complaint described the four individuals' alleged roles this way [2]:

• Tolentino was allegedly hired by Gutierrez as a nominee to open and run the U.S. LLC and its bank accounts.
• Rendon was allegedly hired as its bookkeeper. Together, the SEC said, Tolentino and Rendon managed about $14.5 million of U.S. investor funds.
• Efren and Luis Quiroz Gardea allegedly acted as promoters, soliciting U.S. investors, supervising members of the sales force and handling about $500,000 of investor funds in their own bank accounts.

The SEC charged the four with aiding and abetting the fraud and with other securities-law violations [1].

How the case ended

• Sept. 25, 2023: The court entered consent judgments against the four individuals enjoining them from future violations of the charged provisions [1].
• Nov. 5, 2025: The court entered a default judgment as to liability against Aras and Gutierrez [1]. A default means they did not defend the case.
• July 13, 2026: The final judgment set money amounts [1].

The final judgment orders disgorgement with prejudgment interest of:

Defendant	Amount ordered
Aras and Gutierrez (joint and several)	$448,746 and $129,614, respectively
Maria de Lourdes Tolentino Roque	$1,256,372
Diayanira Rendon Trejo	$242,080
Efren Quiroz Gardea	$313,985
Luis Quiroz Gardea	$139,542

Gutierrez was also ordered to pay a civil penalty of $448,746 [1].

The case is SEC v. Aras Investment Business Group S.A.P.I. de C.V., et al., No. 3:23-cv-00353, U.S. District Court for the Western District of Texas. The SEC's release does not mention a parallel criminal case.

What a default judgment means

This is a civil case brought by the Securities and Exchange Commission, not a criminal prosecution. The SEC cannot send anyone to prison; it asks a federal judge for orders such as injunctions, repayment of allegedly ill-gotten gains (called disgorgement), interest on that money, civil penalties and industry bars.

A default judgment is entered when a defendant fails to respond to, or defend against, a lawsuit. It is a binding court order, but it is not a criminal conviction, and the court did not hold a trial on the facts.

Red flags to watch for

• Monthly returns of 4.5% to 10% on "minimal risk" investments.
• Overseas mines or real estate you can't inspect or verify.
• Money sent to a nominee's or promoter's personal bank account.
• Pitches that spread by word of mouth within one community or language group.

What to do if you invested

1. Keep every record: account statements, promissory notes, subscription agreements, emails, texts, wire confirmations and screenshots of websites or videos.
2. Report it to the SEC at sec.gov/tcr.
3. Check who you are dealing with. Before investing, search the person and firm on the SEC's Investor.gov adviser search and FINRA's BrokerCheck.
4. Beware of "recovery" offers. People who lost money in investment frauds are often contacted by scammers who promise to recover it for an upfront fee. Government agencies and court-appointed receivers do not charge victims to file claims.

Case status (as of Oct. 12, 2026)

Defendant	Court	Status as of Oct. 12, 2026	Source
Armando Gutierrez Rosas (CEO)	U.S. District Court, W.D. Tex. (No. 3:23-cv-00353)	Default judgment as to liability Nov. 5, 2025; final judgment July 13, 2026 (disgorgement + interest, $448,746 civil penalty)	[1]
Aras Investment Business Group S.A.P.I. de C.V.	Same	Default judgment Nov. 5, 2025; final judgment July 13, 2026	[1]
Maria de Lourdes Tolentino Roque; Diayanira Rendon Trejo; Efren Quiroz Gardea; Luis Quiroz Gardea	Same	Consent judgments (injunctions) Sept. 25, 2023; final judgment July 13, 2026 ordered disgorgement + interest	[1]

Statuses can change. An SEC complaint contains allegations, and a settlement without admitting or denying them is not a finding of wrongdoing.

Sources

1. U.S. Securities and Exchange Commission, Litigation Release No. 26595, "SEC Obtains Final Judgment Against Mexico-Based Company, Its CEO, and Four Individuals in Alleged Ponzi Scheme Targeting Spanish-Speaking U.S. Investors," July 24, 2026. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26595
2. SEC complaint, SEC v. Aras Investment Business Group S.A.P.I. de C.V., et al., No. 3:23-cv-00353 (W.D. Tex. filed Sept. 21, 2023). https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-190_0.pdf

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