SEC v. DFRF Enterprises LLC, et al. Case No. 15-cv-12857 (D. Mass.)

Aug. 16, 2023

On June 30, 2015, the Commission filed a Complaint against Daniel Fernandes Rojo Filho (“Filho”); Romildo Da Cunha (“Cunha”); Wanderley M. Dalman (“Dalman”); Gaspar C. Jesus (“Jesus”); Eduardo N. Da Silva (“Da Silva”); DFRF Enterprises LLC (“DFRF Mass”); DFRF Enterprises, LLC (“DFRF Fl,” and collectively with DFRF Mass, “DFRF”); Jeffrey A. Feldman; Heriberto C. Perez Valdes (“Valdes”) (collectively, the “Defendants”).    The Complaint alleged that, beginning in the summer of 2014, Filho orchestrated, and his co-Defendants promoted, a fraudulent offering of memberships in DFRF, raising more than $15 million from more than 1,400 investors worldwide.  The Complaint alleged that the Defendants solicited investments with, among other things, stories about lucrative gold mines, remarkable investment returns, charitable work, registered securities, and access to a large credit line from a Swiss private bank; and claimed that investments were fully guaranteed by a worldwide insurance company.  The Complaint further alleged that virtually all of the Defendants’ public statements about DFRF were materially false and misleading:  there are no gold mines, there is no credit line, there is no charity work, the securities were unregistered, and there is no insurance.  Rather, investments were used to pay other investors in a Ponzi-scheme fashion and for Filho’s personal benefit.  See the Commission’s Complaint.

The litigation is complete and final judgments have been entered against all of the Defendants (the “Final Judgments”).  The monetary relief imposed by the Final Judgments aggregates to approximately $31.5 million in disgorgement, prejudgment interest, and civil penalties.  See the Defendants’ Final Judgments. The Final Judgments provide that the SEC may propose a plan to distribute collected funds (the “Distribution Fund”) subject to the Court’s approval.  The Distribution Fund currently holds approximately $1.9 million and resides in an SEC-designated account with the U.S. Department of the Treasury.  Accrued interest, additional collections, and amounts directed to the Distribution Fund by Court order or otherwise, will be added to, and become a part of, the Distribution Fund. 

On August 3, 2023, the Court entered an order that appointed Miller Kaplan Arase LLP as the Tax Administrator and Guidehouse Inc., Baker & Hostetler LLP, and PACE Claims Services LLC as the Distribution Agent for the Distribution Fund; and authorized the Commission to approve and arrange for the payment of the tax obligations of the Distribution Fund and administrative fees and expenses from the Distribution Fund without further Court order. See the Court’s Order.

For more information, please contact the Commission:

Office of Distributions

Last Reviewed or Updated: June 12, 2024