Secretary of State Securities Division Warns Public to Be Wary of Possible Fraud Tied to Unregistered Securities; Overseas Company Offers Alleged ‘Risk-Free’ High-Yield Investment Contracts
Nevada Secretary of State’s Securities Division Seeking Potential Victims of ‘Profitable Sunrise’
FOR IMMEDIATE RELEASE
Contact: Catherine Lu
(702) 486-6982 / 334-7953
(Carson City, NV; March 13, 2013) — An investor alert to all Nevada residents regarding possible securities fraud is being issued today by Nevada Secretary of State Ross Miller. The unregistered high-yield investment scheme is being promoted by a company using the name Profitable Sunrise and claiming to be headquartered in Birmingham, England. The company’s website offers a variety of investment plans with a promise of 1.6- to 2.7-percent “risk-free” daily return on short-term loans to businesses. Secretary Miller cautioned Nevada investors that one of the warning signs of fraud is an investment that is sold as “risk-free” and that investing with unregistered companies or agents should only be done with appropriate due diligence. The Nevada Securities Division records indicate that Profitable Sunrise’s securities are not registered securities in Nevada or with the United States Securities and Exchange Commission (SEC).
Securities officials are also concerned that the company is using a related website for the “Profitable Sunrise Team” to entice people to bring in additional investors for a commission. Secretary Miller cautions Nevada residents that “investment products must be registered or exempt from registration to be sold in Nevada, and generally those selling an investment must be licensed.”
There have also been reports that Profitable Sunrise has directed investors to wire transfer funds to a bank in the Czech Republic. Secretary Miller warns investors that it can be extremely difficult for an investor to recoup funds invested through banks in foreign countries.
Residents who have been contacted or solicited by someone claiming to represent Profitable Sunrise or any of its affiliated entities are encouraged to contact the Nevada Securities Division at (702) 486-2440 or by visiting the Securities Center on the Secretary of State’s website at www.nvsos.gov.
Multiple jurisdictions in the United States and Canada have issued either investor alerts regarding or formal cease and desist orders to Profitable Sunrise, principals of the company, and affiliated entities. Those jurisdictions include North Carolina, South Dakota, Alabama, Alberta and Ontario.
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