Radoslav Novak

The SEC this afternoon declined comment on an order by a federal judge in Atlanta that could lead to the dismissal of the agency’s 2013 case against Profitable Sunrise, an alleged international pyramid scheme and offering fraud targeted at U.S. residents by one or more murky figures. Such a dismissal almost certainly would embolden overseas HYIP scammers […]

“The judge ruled in Nanci & David Frazer’s favor along with Albert Rosebrock (ministry board members) . . . to release frozen funds. The FBI and the Federal government is categorizing Frazer as having suffered from a case of ‘innocent ignorance’ as she worked for nine months doing customer support for a UK Collateral Loan […]

UPDATED 8:52 P.M. EDT (U.S.A.) A Virginia man has asked for the return of $57,300 wired to Profitable Sunrise in a series of transfers from Bank of America between Jan. 17 and Feb 28. It was unclear from the filing whether the man was a simple investor in Profitable Sunrise, an individual who also was […]

UPDATED 11:28 A.M. EDT (U.S.A.) The Securities Division of North Carolina Secretary of State Elaine F. Marshall has issued a warning that Profitable Sunrise investors are being targeted in “reload scams.” North Carolina issued a similar warning in August 2012, saying then that members of the Zeek Rewards “program” — an alleged $600 million Ponzi- […]

EDITOR’S NOTE: Alabama was one of the first U.S. states to take action against the Profitable Sunrise HYIP “program,” issuing both an Investor Alert and a cease-and-desist order last month. The C&D lists two alleged “agents” of Profitable Sunrise, demonstrating that a “program” can create problems for pitchmen, perhaps even as the “program” operators make […]

URGENT >> BULLETIN >> MOVING: (17th update 4:02 p.m.) The SEC has filed a complaint against the ProfitableSunrise HYIP “program” in federal court in Atlanta. The story first was reported by CourthouseNewsService this morning. At the same time, the PP Blog has learned that the agency applied for an emergency asset freeze, explaining that Profitable […]

Profitable Sunrise had come under investigation in Colorado at least by March 8 and was officially notified March 11 that the state suspected it was breaking securities laws, the state Securities Board says in filings this week. Colorado scheduled a hearing for March 25 after learning that Profitable Sunrise also was under investigation in North […]

UPDATED 8:49 A.M. EDT (APRIL 16, U.S.A.) Today is the day payouts were due on the bizarrely named Profitable Sunrise “Long Haul” 2.7-percent-a-day plan. The Profitable Sunrise website has been offline for 18 days, leaving investors in the lurch. All of the U.S. states and provinces in Canada listed below have issued Investor Alerts or […]

UPDATED 8:52 A.M. EDT (APRIL 16, U.S.A.) See related stories here (April 1) and here (March 25). EDITOR’S NOTE: These numbers are unofficial. They are culled from media reports and/or news releases from enforcement agencies. As the PP Blog reported yesterday, the Profitable Sunrise website appears to be down. The reason why is unclear, although […]

EDITOR’S NOTE: Ohio now has issued a warning on Profitable Sunrise, saying 15 other states also have issued warnings. Information from Ohio and other states has been added to the Comments thread below . . . BULLETIN: (UPDATED 2:01 P.M. EDT (U.S.A.) The state of Kentucky has issued an emergency cease-and-desist order to the Profitable […]

UPDATED 4:48 PM EDT (U.S.A.) British Columbia now also has issued a warning against Profitable Sunrise. See Comments thread below . . . First it was North Carolina in the United States. Alabama quickly followed. And the United Kingdom’s Financial Services Authority also issued a warning about the Profitable Sunrise “program.” Canada’s province of Alberta […]