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Ponzi Scheme Targeting Spanish, Portuguese Speakers Stopped by SEC

According to the SEC’s allegations, a company known as DFRF Enterprises solicited Spanish and Portuguese speaking investors in Massachusetts and Florida, among other states, for investment opportunities in gold mining. According to the charges, DFRF allegedly claimed to operate more than 50 gold mines, and promised investors that any money they invested with the company would be fully insured. The SEC claims that DFRF Enterprises’ pyramid scheme collected $15 million from approximately 1,400 investors.

In the complaint, the SEC names Daniel Fernandes Rojo Filho as the founder of DFRF Enterprises and the individual the company is named after. Allegedly, Filho concocted the scheme and carried it out with the help of six promoters who were also named in the charges. Filho is a resident of Winter Garden, Florida and his promoters are residents of Massachusetts and Florida, primarily.

According to the SEC, Filho and his promoters solicited people to buy memberships in the company using methods such as meetings, conferences, and promotional videos. Allegedly, Filho even told prospective investors that DFRF Enterprises was registered with the SEC and the company’s stock would soon be publicly traded.

The SEC referred to DFRF Enterprises’ actions as both a Ponzi scheme and a pyramid scheme. Allegedly, the scheme grew through pyramid-style recruiting of new members and earlier investors were paid “commissions” with money from later investors, in typical Ponzi scheme fashion. Meyer Wilson has provided a wide array of resources to help investors avoid pyramid schemes and spot pyramid scams.

If you believe that you or someone you love has invested in a Ponzi or pyramid scheme, we invite you to contact a securities fraud attorney at Meyer Wilson today for a free review of your case.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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