Profitable Sunrise Ordered to Cease and Desist from Selling Securities

| 3/14/2013

The North Dakota Securities Commissioner has ordered a company to cease and desist from selling securities in the state. Profitable Sunrise and its operators, Roman Novak and Radoslav Novak, were ordered to cease and desist today.

According to the Securities Department, the men allegedly promoted at least five different plans through a website. Investors were told that their money would be used to fund short-term business loans. An investigation found that investors were told to wire money to financial institutions in Eastern Europe.

The Securities Department adds that neither the company nor the Novaks are registered to conduct business in North Dakota. They also say that Profitable Sunrise has been the subject of enforcement actions and investor alerts by regulators in at least 19 other jurisdictions in the United States and Canada.

People who have invested with Profitable Sunrise are asked to contact the North Dakota Securities Department`s Enforcement Division at 701-328-2910 or 1-800-297-5124.

COMMENT ON THIS STORY