Currently a Ponzi scheme which is operating under the company name “Inter Reef Ltd.” and doing business as Profitable Sunrise, is flying higher and higher on the authorities radar. After two US states, the New Zealand Financial Markets Authority and the FSA (UK) issued a warning against this Ponzi scam, now three provinces in Canada and British Columbia joined them.
The Alberta Securities Commission (ASC) has issued a warning against Profitable Sunrise on March, 11. “Albertans should be aware that Profitable Sunrise and its agents are not registered to sell securities in Alberta,” the agency said. The province Ontario has published a warning yesterday. This is the complete warning:
OSC INVESTOR ALERT: Inter Reef Ltd., Roman Novak and Radoslav Novak (doing business as Profitable Sunrise)
TORONTO – The Ontario Securities Commission (OSC) is warning Ontario investors not to invest with Profitable Sunrise, which claims to be located in the United Kingdom while representing that its banking facilities are in the Czech Republic. Profitable Sunrise is offering investors “investment plans”, but Profitable Sunrise is not registered in Ontario to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities.
Profitable Sunrise is representing that its “investment plans” earn abnormal returns, “risk-free”, of 1.5 per cent – 2.7 per cent per business day, which translates into an annual return of over 300 per cent. On January 11, 2013, the OSC issued a warning to investors entitled “Beware: High-yield Investment Programs are Ponzi Schemes” that explains the risks of investing with companies like Profitable Sunrise. You can find the warning on the “OSC Investor News” section of the OSC’s website at www.osc.gov.on.ca.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at www.osc.gov.on.ca.
If you have any questions or information relating to this matter, please contact the OSC Contact Centre at 1-877-785-1555.
Quebec followed soon after it:
March is Fraud Prevention Month – Caution to be used when solicited by Profitable Sunrise
Tuesday, March 12, 2013
Montreal – The Autorite des marches financiers (the “AMF”) is warning Quebeckers about investment contracts offered by Inter Reef LTD, also known as Profitable Sunrise on the Internet, which purports to be a British company and is not authorized to carry on business in Quebec.
The North Carolina Department of the Secretary of State recently issued an order warning investors about offers published by Profitable Sunrise and its officer, Roman Novak, on the Internet. Investigators with the North Carolina Department of the Secretary of State say that Profitable Sunrise and its officer promoted five different investment plans through a website that offered rates of return ranging from 1.6% to 2.7% per business day. Investors were told their money would be used to fund short-term loans to businesses, “risk-free”. Secretary of State investigators have also discovered that victims were asked to make wire transfers of money to financial institutions in Eastern European countries, including the Czech Republic.
This week, the Alberta Securities Commission warned investors after it received reports from a Calgary-based banking institution that several of its customers have attempted to withdraw significant amounts of funds from their accounts for wire transfers to the Czech Republic.
Although there is no proof that Quebeckers invested in the scheme, the AMF urges great caution in dealing with offers by Profitable Sunrise. No person or company named Roman Novak, Inter Reef LTD or Profitable Sunrise is registered with the AMF. Since they are not registered with the AMF, solicitations by Roman Novak, Inter Reef LTD and Profitable Sunrise of Quebec investors could contravene the laws administered by the AMF.
If you have responded to solicitations from Profitable Sunrise or any similar type of solicitation, please contact an officer at our Information Centre.
Reminder to investors
As part of Fraud Prevention Month, the AMF reminds consumers that it is important to ask questions (5 bonnes questions — in French only) before entrusting their savings to a person who solicits them, especially when promised a return that is too good to be true such as in this case.
The Autorite des marches financiers (the “AMF”) is the regulatory and oversight body for Quebec’s financial sector.
This is the warning published by the British Columbia Securities Commission:
Investor Alert: BCSC issues warning about Profitable Sunrise
Vancouver – The British Columbia Securities Commission is warning the public not to send money to Profitable Sunrise, an entity that purports to be incorporated and registered in the United Kingdom, and claims to provide short-term bridge loans to companies in the United States.
According to its website, Profitable Sunrise offers five different investment plans, with a minimum investment of $10.00 and a “risk free” return of between 1.6% and 2.7% per business day on a 180 to 240-day term. The BCSC contends that these returns are so high that investors cannot earn them through legal means.
The BCSC has received reports of British Columbia residents wiring money to Profitable Sunrise, and wishes to advise the public that Profitable Sunrise is offering its investments without a prospectus and without being registered.
The Alberta Securities Commission has also issued an investor alert with respect to Profitable Sunrise’s activities, and the North Carolina Securities Division recently issued a Temporary Order to Cease and Desist against the entity and its agents.
The BCSC urges investors, agents or members of the public who have been approached by or have information about Profitable Sunrise to contact the BCSC inquiries line at
604-899-6854 or 1-800-373-6393 (toll free).
The BCSC is the independent government agency responsible for regulating trading in securities within the province. Learn how to avoid investment fraud at the BCSC’s investor education website: www.investright.org.
Now if you think that this is enough to open the eyes of Profitable Sunrise cheerleaders and victims who still think it is a real deal, you are unfortunately wrong. The Ponzi cheerleaders still keep playing the game and try to convince their downlines that all is fine by telling lies. Here is a quote from one of the pitchmen of the scheme called “Chukwdi Nwachi Akudinanwa” who is forwarding an update from his “team leader” called “Chris Lombardi”:
Good Morning Everyone,
I just finished speaking with Chris Lombardi, our group leader, and he personally spoke with Roman yesterday.
Roman – says that Pro Sun is still in good shape, despite what is being said on the internet. Once the Long Haul is paid out, he feels that a lot of this noise will go away. His attorneys recommended that they send your money through bank wires to appease the US Gov’t. The US Gov’t was happy with that move and that you are going to see some changes to website. Keep in mind his is aware of the literature out on the net! Not to worry – he is handling it!
Note from Chris – generally when you are involved with companies like these, they generally just disappear in the middle of the night. Not Roman, he is still communicating with all the group leaders. This is being treated differently, but Chris also said – “if Long Haul doesn’t show up – then its toast!” and Roman promised that it wouldn’t be!
My Note: April 1 is the day to keep track off – we will all known then!
Here are a few other things coming:
1) We are going to get a debit card and not the e-wallet we once thought.
2) We will be getting more people inside to help with Customer Service(CS), especially with the wire transfers. I know a few of you have had issues! Goal there is to get them down to less than 5 days consistently for everyone! We all know its hit and miss with the time frame.
If you have any further questions please email me.
Chris and I will be speaking weekly, so if there is more info next week I will let you know!
Have A Bless Day All,
Now all I see are the usual lies HYIPs publish when the end is near: Debit cards, bank wires and of course all will be fine. Of course! And unfortunately most of the brainwashed crowd keep believing the scammers an not the government, as they were fed with the usual stuff like “our program is blessed by god”, “the government is bad”, “the government is a ponzi” and so on. Its the same story again and again with all those big Ponzi schemes.
Well, if they don’t want to see the truth no one can help them. At some point they will have to realize in what trap they went. The authorities are already investigating. As per one report which was published some promoter of the scheme was already visited by investigators. However, the chances to bust the owner of the scheme are rather low. It is more likely that participants will get sued for their activities.
Profitable Sunrise used an agent to register the UK company, the real server IP is hidden behind some proxy and the bank wires are going through some payment service with bank accounts on Raiffeisenbank AS in the Czech Republic. The real server IP of Profitable Sunrise was already uncovered with some trick, and the servers appear to be located in Canada at Server4Sale.com which is a reseller of iWeb Technologies Inc.
It will have to be seen how successful the investigations will be. Meanwhile i recommend everyone to spread the truth about programs like Profitable Sunrise and warn everyone to participate in such schemes.