UPDATE: New Jersey Issues Investor Alert On ‘Profitable Sunrise’

New Jersey has joined numerous U.S. states in issuing an Investor Alert on the Profitable Sunrise HYIP “program.”

Separately, Alabama has issued a cease-and-desist order. The state previously issued an Investor Alert.

With New Jersey’s action, the unofficial total of U.S. states or Canadian provinces issuing Investor Alerts or cease-and-desist orders now stands at 25. (See Current list here.)

“Like many frauds, this offer sounds too good to be true – and it appears to be just that,” said New Jersey Attorney General Jeffrey S. Chiesa.  “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.”

Added Abbe R. Tiger, chief of the New Jersey Bureau of Securities:   “Increasingly, scams rely on the internet as a forum for perpetrating 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.”

“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.

Link to New Jersey news release on Profitable Sunrise.

Link to Alabama’s cease-and-desist order.