Maine’s Office of Securities Issues Consumer Alert

“Profitable Sunrise” is Unregistered, Questionable Scheme

GARDINER — Maine Office of Securities Administrator Judith Shaw has issued an alert to all Maine investors regarding a foreign-based company known as “Profitable Sunrise,” which has attempted to sell unregistered investment contracts through multiple online sources—prompting serious concern and action by securities officials throughout the country.

Profitable Sunrise claims that their investment model allows consumers to earn up to 2.7% interest per day.  Investments are purportedly used to provide short-term loans to companies at 3% interest per day.  The company’s website also states that investors may earn money by recruiting others through a referral program that pays 5% of deposits generated from recruits.

“Like many high-yield investment schemes, this company recruits investors by offering significant returns and claiming that there is no risk,” said Securities Administrator Shaw.  “These companies often make promises they have no intention of keeping.”

Shaw emphasized that neither Profitable Sunrise, nor its investment products, is registered in Maine as required by the Maine Uniform Securities Act.

“Increasingly, scams rely on the internet as a forum for perpetuating fraud,” Shaw noted.  “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.”

High-yield investment programs often have common red flags of fraud that consumers should be looking for—unusual, unsustainable yields; lack of information regarding the investment operator; unclear methodology for achieving returns; off-shore operations; incentives to recruit new investors; and online advertisements containing typographical errors and grammatical mistakes.

Consumers who have invested with Profitable Sunrise are encouraged to contact the Office of Securities at (877) 624-8551 (toll-free in Maine) or (207) 624-8551.  Shaw also urged consumers to contact Maine’s Office of Securities before investing to obtain general information about investment professionals and products, including online investment or business opportunities.  More information is available at www.investors.maine.gov.

The Office of Securities is part of the Department of Professional and Financial Regulation, which encourages sound business practices through oversight of insurers, financial institutions, creditors, investment providers, and numerous professions.  More information is available at www.maine.gov/pfr.  

 

 

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