October 29, 2019

The orchestrator and four promoters of a pyramid and Ponzi scheme has been ordered to pay almost $11 million for defrauding at least 1,400 Spanish and Portuguese-speaking investors.  According to an earlier press release from the SEC, ringleader Daniel Fernandes Rojo Filho’s company, DFRF Enterprises, LLC, allegedly told investors that it operated more than 50 gold mines in Brazil and Africa.  In reality, the company did not actually mine gold and its $15 million in revenues came solely from recruiting new members as investors, with earlier investors paid commissions in a Ponzi-like fashion.  Filho alone will pay over $10 million of the monetary judgment; his four associates will each pay between $100,00 and $266,000.  SEC

Tagged in: Financial and Investment Fraud, Ponzi Schemes,