U.S. District Judge Thomas W. Thrash Jr.

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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 […]

EDITOR’S NOTE: Much remains murky about Profitable Sunrise, the alleged purveyor of five HYIP “plans,” including one bizarrely dubbed the “Long Haul” that purported to pay a preposterous 2.7 percent a day. The “Long Haul” payoff was dubbed the “Easter Gift.” Investors were told it would arrive April 1 — but it never materialized. One […]

BULLETIN: The SEC has asked a federal judge not to permit a Virginia man to intervene in the Profitable Sunrise HYIP fraud case, saying that the man’s self-filed pleading “would open the floodgates for other investors to file similar motions.” In late April, James Paul Schilling of Mechanicsville effectively asked U.S. District Judge Thomas W. […]

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 9:11 P.M. EDT (APRIL 17, U.S.A.) Some Profitable Sunrise investors wired money to entities in Australia and Panama, according to new filings in the SEC’s pyramid-scheme and fraud case. The new filings, dated today, identify those entities as Technocash Limited of Sydney and Trackford Business Corp. of Panama City. Earlier filings named four other […]

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 […]