Possible Fraud Tied to Foreign-based Unregistered Investments

7 years 5 months 4 weeks ago Thursday, March 21 2013 Mar 21, 2013 Thursday, March 21, 2013 10:51:00 AM CDT March 21, 2013 in News
Source: MO Secretary of State
By: KOMU Staff

 
JEFFERSON CITY - Secretary of State Jason Kander issued an investor alert Thursday regarding possible securities fraud linked to the attempted sale of unregistered investments being offered by a foreign company known as "Profitable Sunrise."
Profitable Sunrise, based in Birmingham, England, has attempted to sell investment plans on the Internet that promise returns of at least 1.6 percent per business day. Some investments promise even higher returns.

"Missourians need to be very skeptical of any investments that promise returns this high," Kander said. "When presented with an opportunity that seems too good to be true, the best thing you can do is call my Investor Protection Hotline at 1-800-721-7996."


Profitable Sunrise is the name under which Inter Reef, Ltd. is doing business. Investors in other states have lost money, prompting authorities in some states to issue cease and desist orders against Inter Reef and its owners, Roman Novak and Radoslav Novak.
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.

In addition to Profitable Sunrise, Felmina Alliance and Roxilia Investments are two other unregistered off-shore, investment programs that promise unrealistic returns and are offering investments online. Kander's Securities Division has ongoing investigations concerning Profitable Sunrise and Felmina Alliance. A review of records held by the Missouri Securities Division revealed that neither of the Novaks, Profitable Sunrise, nor Felmina are registered to conduct securities business in Missouri.

"When you hear of an investment opportunity online, the security and the seller have to be registered with my office or the Securities and Exchange Commission," Kander said. "If you have invested with Profitable Sunrise, Felmina Alliance, or Roxilia Investments, please contact my office."

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