For Immediate Release: Tuesday, March 26, 2013
Media Contact: Dawn Dovre, 605-773-3094
Profitable Sunrise Ordered to Cease and Desist Selling Securities Products in South Dakota
PIERRE, S.D. - The South Dakota Department of Labor and Regulation's Division of Securities has issued a cease and desist order to Profitable Sunrise. This international company and its operators, Roman Novak and Radoslav Novak, are accused of committing fraud.
Profitable Sunrise has sold securities without a license and sold unregistered
investment contracts through its website www.profitablesunrise.com. At least five different investment plans were promoted.
Investors were told their money would be used to fund short-term, risk-free loans to businesses, and all funds deposited were insured against loss by a leading investment bank.
"South Dakotans need to be cautious any time they hear of a no-risk, high-return investment," said Mike Youngberg, State Securities Division Director. "If it sounds too good to be true, it probably is."
If you or someone you know invested with Profitable Sunrise, Inter Reef, Ltd., Roman Novak, Radoslav Novak or any affiliated individuals or entities, please contact the Division of Securities at 605-773-4823.
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