TALLAHASSEE, Fla. (March 14, 2013) – The Florida Office of Financial Regulation (OFR) in collaboration with 13 other states is warning consumers to be aware of potential fraud related to investments sold by an international company, Profitable Sunrise.
Profitable Sunrise is promoting risk-free loans that promise investors a 2.15% daily return on investments. Seven states have issued Cease and Desist orders to the company’s officers, Roman Novak and Radoslav Novak, for selling investments without being properly registered and for omitting or misrepresenting facts on the company’s website. Profitable Sunrise is not registered with the OFR to sell securities.
To attract interest in its investment offerings, Profitable Sunrise and its sub-companies may be attempting to exploit investors’ religious affinities. The organization is believed to be engaged in a marketing campaign which makes conspicuous use of biblical quotations.
“The OFR has a mission to protect the citizens of Florida and the financial services industry,“ said OFR Commissioner Drew J. Breakspear. “The OFR provides online tools making it easy for potential investors to do their homework and ensure that they are investing their money with legitimate professionals.”
Before investing with anyone, the OFR encourages all Floridians to do their homework. All investors are urged to become fully educated on the products in which they are investing, as well as on the individuals and businesses with whom they are investing. Consumers and investors should follow these tips before purchasing any financial product:
• Verify the license of the company or individual you wish to do business with before investing. Click here to find out whether the person is licensed and registered with the OFR. If they are not, they may be operating illegally.
• Seek a second or third party opinion. Inquire with multiple professionals and find one who listens and understands your needs. Don’t be afraid to “sleep on it” before making a decision.
• Keep a paper trail. Write down your financial needs and goals. Determine which products are suitable for your personal situation. Request written information that fully explains the product. The documentation should contain enough clear and accurate information to allow you or your investment adviser to evaluate and verify the particulars of the investment. Ask questions if there is something you don’t fully understand.
• Be wary of products that sound too good to be true. Does this product guarantee returns? Does the promoter promise “no risk,” “100 percent guaranteed or get your money back,” Or interest rates higher than others? If so, run – don’t walk – the other way. If it sounds too good to be true, it probably is.
• File a complaint if you have fallen victim to fraud or if you suspect questionable business practices. Consumers can call the OFR at (850) Its-Your Money (850-487-9687) or file a complaint online.
For more information, contact the OFR Office of Communications: