Tuesday, April 16, 2013

BREAKING NEWS: SEC says Profitable Sunrise is a Ponzi scheme that sent its money to multiple nations worldwide

Got an update on PatrickPretty.com. According to documents filed, SEC has determined Profitable Sunrise, which purported to payout up to 2.5% a day through "bridge financing", to be an unregistered security promising returns to US citizens, in violation of US law. Furthermore, money tracking revealed that money was transfered to Czech Republic, Hungary, Panama, and more. SEC has already froze assets it can reach in the US, and with local police help, assets in Hungary. It is not known if anything can be done about assets in other countries.

Profitable Sunrise often uses religious figures and icons in its solicitations. Here is one such example:

Yep, that's no less than Jesus the Redeemer (that huge statue in Rio de Jainero, Brazil)

At least one "ministry" had pushed it on its members, claiming to be helping everyone.

It is unclear whether this "ad" was produced locally by one such salesperson, and/or sanctioned by "corporate", if there is such a thing. In fact, based on the SEC investigation, it is increasingly likely that the head of Profitable Sunrise, i.e. Roman Novak, may not even exist as a real person.


Whether religious people are more susceptible to scammers is a topic that will discussed in the future.

In other breaking news, state securities regulators may go after pitchmen who tried to solicit people into joining Ponzi schemes, for failure to obtain license, selling illegal securities, and such. Idaho has joined the rank of US states and Canadian provinces declaring Profitable Sunrise to be an illegal Ponzi scheme, bringing total to 35.


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