New Jersey and Louisiana have joined the other US states that issued a warning against the alleged Ponzi scheme Inter Reef Ltd which is doing business under the name Profitable Sunrise. According to the Patrick Pretty blog the unofficial total of US states or Canadian provinces issuing Investor Alerts or cease-and-desist orders now stands at 25. “Like many frauds, this offer sounds too good to be true – and it appears to be just that. Investors across the country, including here in New Jersey, are reporting this fraud and we’re alerting our residents so they can avoid becoming victims,” said New Jersey Attorney General Jeffrey S.
Chiesa. According to Abbe R. Tiger, chief of the New Jersey Bureau of Securities, the number of scams which rely on the Internet gets higher and higher. “Online sources provide a quick way for criminals to access millions of people and to prey upon members of identifiable groups, such as religious communities, retirees, and those who are desperate for quick income.
” New Jersey Warning NEWARK – State Attorney General Jeffrey S. Chiesa and the Division of Consumer Affairs’ Bureau of Securities today issued an alert to all New Jersey investors regarding a foreign-based company known as “Profitable Sunrise,” which has allegedly attempted to sell unregistered investment contracts through multiple online sources—prompting serious concern and action by securities officials throughout the country. Profitable Sunrise allegedly claims that their investment model allows consumers to earn up to 2.7% interest per day. Investments are purportedly used to provide short-term loans to companies at 3% interest per day. The company’s website also states that investors may earn money by recruiting others through a referral program that pays them 5% of deposits generated from recruits.
“Like many frauds, this offer sounds too good to be true – and it appears to be just that,” Attorney General Chiesa said. “Investors across the country, including here in New Jersey, are reporting this fraud and we’re alerting our residents so they can avoid becoming victims.” High-yield investment programs often have common red flags of fraud that consumers should be looking for—unusual, unsustainable yields; lack of information regarding the investment operator; unclear methodology for achieving returns; off-shore operations; incentives to recruit new investors; and online advertisements containing typographical errors and grammatical mistakes. Profitable Sunrise has many of these attributes.“Those on fixed incomes, such as retirees, are especially at risk since they often depend on investment income and are looking for higher rates of return.
Any investment offer that promises guaranteed rates far higher than what banks, government bonds and other low-risk investments offer should be viewed with extreme skepticism and caution,” said Eric T. Kanefsky, Acting Director of the State Division of Consumer Affairs. Abbe R. Tiger, Chief of the New Jersey Bureau of Securities, emphasized that neither Profitable Sunrise, nor its investment products, are registered in New Jersey as required by the New Jersey Uniform Securities Law. “Increasingly, scams rely on the internet as a forum for perpetrating fraud,” Tiger said.
“Online sources provide a quick way for criminals to access millions of people and to prey upon members of identifiable groups, such as religious communities, retirees, and those who are desperate for quick income.” Individuals who have invested with Profitable Sunrise are encouraged to contact the New Jersey Bureau of Securities at (866) 446-8378 and to file a complaint. Tiger also urged investors to contact the Bureau before investing to verify whether investment professionals and the products they are offering are registered, or have been granted an exemption. More information is available at www.NJSecurities.gov.
Louisiana has also issued a warning. The office of Louisiana Commissioner of Securities John Ducrest advices consumers who have invested into Profitable Sunrise to contact the Securities Division of the Office of Financial Institutions at (225) 925-4512. Louisiana Profitable Sunrise Warning Commissioner of Securities John Ducrest has issued an alert to all Louisiana investors regarding a foreign-based company known as “Profitable Sunrise,” which has attempted to sell unregistered investment contracts through multiple online sources, prompting serious concern and action by securities officials throughout the country. Profitable Sunrise operates a website at www.profitablesunrise.com and claims that their investment model allows consumers to earn up to 2.
7% interest per day. Investments are purportedly used to provide short-term loans to companies at 3% interest per day. The company’s website also states that investors may earn money by recruiting others through a referral program that pays 5% of deposits generated from recruits. Consumers should be aware that neither Profitable Sunrise, nor its investment products, are registered in Louisiana as required by the Louisiana Securities Law. High-yield investment programs often have common red flags of fraud that consumers should be looking for, such as unusually high yields; lack of information regarding the investment operator; unclear methodology for achieving returns; off-shore operations; incentives to recruit new investors; and online advertisements containing typographical errors and grammatical mistakes. Increasingly, scams rely on the internet as a forum for perpetuating fraud.
Online sources provide a quick way for criminals to access millions of people and to prey upon members of identifiable groups, such as religious communities, retirees, and those who are desperate for quick income. Consumers who have invested with Profitable Sunrise are encouraged to contact the Securities Division of the Office of Financial Institutions at (225) 925-4512. Commissioner Ducrest also urges consumers to contact the Securities Division before investing to obtain general information about investment professionals and products, including online investment or business opportunities.
