Update: So far 2 promoters and recruiters of the Profitable Sunrise HYIP Ponzi fraud received notices of deposition, more expected.
1. Martin Sipe in Utah on April 19th.
2. Anthony Infante in Florida on April 11th.
The SEC has scheduled a deposition for at least on of the promoters of the Profitable Sunrise HYIP Ponzi fraud, which was operating for over one year under the company name Inter Reef Limited. Profitable Sunrise offered unlicensed securities, offering their victims a ridiculous daily payout of 1.6% – 2.0% daily. The collapse of the program happened when their so called “Easter Gift” plan expired, which should’ve paid out massive compounded profits to investors. This recent move of the SEC might be quite disturbing for HYIP players and promoters.
Anthony M. Infante, pitchman of the scheme, will be deposed on April 11 at a location in Florida, according to the docket of the case. Martin Sipe will be deposed on April 9 at a location in Utah, according to the docket. Sipe’s tie to the Profitable Sunrise case was not immediately clear. If the SEC is coming up with more depositions is not clear at this time, but it is very likely. I expect especially action taken against the biggest promoter of Profitable Sunrise in the United States, Nancy Jo Frazer.
In filings in federal court in Atlanta this week, the SEC described Profitable Sunrise as an international pyramid scheme that had used a virtual office address in England while conducting an offering fraud targeted at U.S. citizens. “Profitable Sunrise operates for the benefit of unknown individuals and/or organizations doing businesses through companies formed in the Czech Republic and using bank accounts in the Czech Republic, Hungary, Latvia, and China, among other places,” the SEC alleged.
Just recently a few company names were named which are located within the money trace of Bank Wires to Profitable Sunrise: Melland Company SRO, Color Shock SRO, Solutions Company SRO, and Fortuna-K SRO. According to the given names on the Profitable Sunrise website, which are supposed to be the owners of the scheme, Roman Novak and Radoslav Novak, there is a very high possibility that these persons do not exist.