Litigation Releases (Aras Investment Business Group S.A.P.I. de C.V.; Armando Gutierrez Rosas; Maria de Lourdes Tolentino Roque; Diayanira Rendon Trejo; Efren Quiroz Gardea;[...]

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Aras Investment Business Group S.A.P.I. de C.V.; Armando Gutierrez Rosas; Maria de Lourdes Tolentino Roque; Diayanira Rendon Trejo; Efren Quiroz Gardea; Luis Quiroz Gardea

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26595 / July 24, 2026

Securities and Exchange Commission 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)

SEC Obtains Final Judgment Against Mexico-Based Company, Its CEO, and Four Individuals in Alleged Ponzi Scheme Targeting Spanish-Speaking U.S. Investors

On July 13, 2026, the U.S. District Court for the Western District of Texas entered a final judgment as to Aras Investment Business Group S.A.P.I. de C.V., its CEO Armando Gutierrez Rosas, and four individuals in connection with an alleged fraudulent scheme that raised millions from retail investors in the U.S., most of whom were members of the Mexican American community.

The SEC's complaint , filed on September 21, 2023, alleged that, from about March 2020 through November 2021, Gutierrez raised money from investors for the purported purpose of investing in U.S. real estate and mining operations in Mexico, promising investors monthly returns as high as 10 percent. According to the complaint, no investor funds were used for investment purposes; instead, Gutierrez was operating a Ponzi scheme and affinity fraud and used investor funds to pay for his personal expenses including a $2.5 million mansion in Texas.

The SEC charged Aras and Gutierrez with violating Sections 5 and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934and Rule 10b-5 thereunder. It also charged Gutierrez with control person liability under Section 20(a) of the Exchange Act and charged the four individuals with various violations of the federal securities laws, including aiding and abetting Aras's and Gutierrez's violations of the antifraud provisions.

On September 25, 2023, the Court entered consent judgments as to the four individuals, which enjoined them from future violations of the charged provisions. On November 5, 2025, the Court entered a default judgment as to liability against Aras and Gutierrez.

The final judgment ordered the defendants liable for disgorgement with prejudgment interest in the following amounts: $448,746 and $129,614 against Aras and Gutierrez, respectively, on a joint and several basis; $1,256,372 against Maria de Lourdes Tolentino Roque; $242,080 against Diayanira Rendon Trejo; $313,985 against Efren Quiroz Gardea; and $139,542 against Luis Quiroz Gardea. The Court also ordered Gutierrez to pay a civil penalty of $448,746.

The SEC's litigation was led by Kristen Warden and was supervised by Melissa Armstrong and Tim England.