Working at the SEC
Recently, a case I have been working on all summer at the SEC went public. The case was a Pozi Scheme called DFRF Enterprises. Daniel Filho was the CEO of the Ponzi scheme and the FBI arrested him last week in Boca Raton, FL after ignoring is arrest warrant for several weeks. DFRF Enterprises was said to be an international gold-mining business were investors can become members of the company by buying memberships that “guarantee” a 15% return. Over the past year investors have given over $12million to the Ponzi scheme, and Daniel Filho has used most of the money for himself. He has used the money to buy several high end cars, for travel, and to pay for bills at high end restaurants. Working on this case over the past two months has taught me a lot about forensics accounting and what it is like to work at the SEC. I have learned how to quantify a scheme and also the several steps involved in the process from filing a bank subpoena to arresting an individual. I have also been able to listen to hearings on these cases, and other cases at the United States Federal Court House in Boston. The staff accountants here at the SEC go to court a lot to testify cases and it is amazing to see all of the prep work they have to do in order to prepare properly, especially for cases involving international transactions and several organizations. This case opened my eyes, and made me realize that everyday several Americans and people around the world are caught up in schemes whether they are the instigator or they have invested in the scheme. Schemes like this are all to present in today’s world and it is important to invest money safely and with legitimate investors. There are many tips on the Internet, and the SEC’s website that can help investors indicate a Ponzi or pyramid scheme. If you would like to read more about this case visit the news article below!
https://www.bostonglobe.com/business/2015/07/07/feds-crack-down-another-brazil-tied-ponzi-scheme-massachusetts/tHfVfFvdo5a72eWoSSVCRI/story.html