Following the action of North Carolina Department of The Secretary of State, on March 6th, 2013, the Securities Commission of the U.S. State of Alabama has issued an investor alert to all Alabama citizens regarding possible securities fraud linked to the attempted sale of unregistered investment contracts being offered by a Birmingham, England-based company known as "Profitable Sunrise".
Joseph Borg, Director of the Alabama Securities Commission (ASC) said "We want to the make our citizens aware of the potential perils of web-based marketing investment. As with all investment opportunities, investors should thoroughly scrutinize any offer, especially if it comes from a foreign country. Most investment offerings, as well as the person making an investment offering, must be registered with the Alabama Securities Commission. This is a critical first step in protecting the public from con artists and investment fraud."
Borg urged anyone in Alabama who has invested with Profitable Sunrise to
contact the ASC’s Enforcement Division at 1-800-222-1253. For further information contact Dan Lord, Education and Public Affairs Manager, 334-353-4858. The investor alert has published on the ASC website or can be read below :
INVESTOR ALERT Alabama Investors Cautioned About Possible Fraud Tied to Foreign-based Unregistered Investment Contracts
MONTGOMERY, ALABAMA (Mar. 6, 2013) Joseph Borg, Director of the Alabama Securities Commission (ASC) issued an investor alert to all Alabama citizens regarding possible securities fraud linked to the attempted sale of unregistered investment contracts being offered by a Birmingham, England-based company known as “Profitable Sunrise.” The company has attempted to sell the investment contracts to individuals in at least one other southeastern U.S. state thus far, prompting authorities there to issue a Cease and Desist Order to the company’s officers.
An investigation of Roman Novak, Radoslav Novak and their company, Inter Reef, Ltd., doing business as Profitable Sunrise, revealed that the men allegedly promoted at least five different “investment plans” through a website that offered rates of return ranging from 1.6% per business day to 2.7% per business day for periods of from between 180 to 240 business days. Investors were told that their money would be used to fund short-term, “risk-free” loans to businesses, and that “all funds deposited with us are insured against loss” by a leading investment bank. Further investigation revealed that victims had been instructed to wire money to financial institutions in Eastern Europe, including one bank identified as being in the Czech Republic. ASC records revealed that neither of the men, nor the company they represent, are registered to conduct securities business in Alabama, as required by the Alabama Securities Act.
“We want to make our citizens aware of the potential perils of web-based investment marketing,” said Borg. “As with all investment opportunities, investors should thoroughly scrutinize any offer, especially if it comes from a foreign country. “Most investment offerings, as well as the person making an investment offering, must be registered with the Alabama Securities Commission. This is a critical first step in protecting the public from con artists and investment fraud.”
Borg urged anyone in Alabama who has invested with Profitable Sunrise to contact the ASC’s Enforcement Division at 1-800-222-1253.
The ASC cautions potential investors to thoroughly scrutinize and research any investment opportunity or offer. Contact the ASC with inquiries concerning securities broker-dealers, agents, investment advisers, investment adviser representatives, financial planners, registration status of securities or debt management programs, to report suspected fraud or to obtain consumer information. The ASC provides free investor education and fraud prevention materials in print, on our website and through educational presentations upon request.
For further information contact Dan Lord, Education and Public Affairs Manager, 334-353-4858.
On the other hand, Roman Novak, the founder of Profitable Sunrise stated that he was very grateful to the investors and has had appropriate steps to overcome this problem. He called this move as "killing two birds with one stone". "Thanks to your valued support my business has grown really big and
strong. This would not have been possible without you. The growth has
brought about the necessity to streamline my business model, cut the
administrative costs and comply with the tax authorities. They have
already asked us about the interest we pay you. This has led to a very
important decision to do away with third party payment processors. I am
hereby announcing that we have started moving away from payment
processors for withdrawals in favor of direct bank wires. By doing so we
are literally killing 2 birds with one stone." Roman said. The Full statement from Roman can be read below :
My Dear Friends,
It is been a really long time since I last spoke to you by means of a personal message. A lot of very important developments have take place in the course of the last several months. I felt that it is the time for you to hear my mind on them.
Thanks to your valued support my business has grown really big and strong. This would not have been possible without you. The growth has brought about the necessity to streamline my business model, cut the administrative costs and comply with the tax authorities. They have already asked us about the interest we pay you. This has led to a very important decision to do away with third party payment processors. I am hereby announcing that we have started moving away from payment processors for withdrawals in favor of direct bank wires. By doing so we are literally killing 2 birds with one stone. First, you avoid the fees processors charge. Second, you comply with the IRS. We will simply specify in every payment what it is for and where is comes from so IRS will have no problem collecting taxes. It has always been my honest belief that we need to pay all the taxes.
I am anxiously looking forward to the Easter week, I am sure you are too. We are working on new offers and plans that will be announced after Easter.
Stay Blessed,
Roman Novak, Founder
ProfitableSunrise
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