DFRF Enterprises filed IPO approval request with the SEC?
DFRF Enterprises is a high yield investment program (HYIP) that advertises 15% a month ROIs on affiliate investments (min $10,000).
Under the guise of mining operations in Africa, the scheme simply takes newly invested funds and uses it to pay off existing investors.
DFRF Enterprises’ founder, Daniel Fernandes Rojo Filho, is of course no stranger to Ponzi fraud. He was named defendant in a 2009 lawsuit filed by the regulators in Florida.
That lawsuit saw Filho return millions of dollars stolen from investors through Ponzi fraud.
Amidst reports the DFRF Enterprises has already run out of investor funds to pay out, now comes claims the company plans to register with the SEC and launch an IPO.
No, this isn’t a late April fools joke…
The claim was made in DFRF Enterprises marketing videos featuring Daniel Filho (right). These videos were uploaded to the official DFRF Enterprises YouTube channel, with snippets made available featuring commentary specific to the IPO and SEC claims.
The first video was uploaded on March 16th. In it, Filho claims
(We have) started the formalities to become a Public Company in the US and are awaiting approval from the Security Exchange Commission, SEC”, after which we can sell shares to raise to raise additional capital and trade in the stock market.
In late March the company will become one of the most important companies in the, once we transition from being a private company to a public company”.
The announcement suggests that Filho might not have plans to register DFRF itself for an IPO, but rather through a newly created company.
This would likely a shell company Filho is hoping might fly under the regulatory radar.
In a second video uploaded on March 23rd, Filho states
(We will make) an official announcement as soon as we (have) all records (showing) that (we) are now a public company.
Filho’s announcements appear to be a response to a RICO lawsuit filed in late February.
Two Massachusetts investors who filed $80,000 and $100,000 claim they never saw the advertised 15% a month ROI, because ‘DFRF’s business income was grossly inadequate to satisfy payments promised to members‘.
So now we have Filho trying to raise funds to pay said ROI out with, via the selling of shares.
Shortly after news of the lawsuit surface, DFRF Enterprises released a video directly addressing the suit:
No idea why, but that video has since been taken down by the company.
Meanwhile whether or not the SEC are aware DFRF Enterprises (either through their own name or that of another company) are seeking IPO approval is unclear.
Either way, one would certainly hope they do their homework before making a decision on the application.