BREAKING NEWS: British authorities cracked down on "Profitable Sunrise" HYIP

British Financial Services Authority (FSA) on March 5th 2013 put "Profitable Sunrise" on its warning list of questionable companies and individuals that does NOT have a license to provide investment anywhere in Great Britain. 

Most of the list were setup by fraudsters to "clone" a real company by making one that sounds very close to it but Profitable Sunrise, operated by the Novaks, made the list because it is an HYIP, essentially a pyramid scheme that relies on recruiting more and more people paying into it to pay a huge return to the early investors. Profitable Sunrise apparently operates out of the Czech Republic. 

It's also reported that New Zealand may join the list of countries declaring this HYIP verboten. 

BREAKING NEWS: Alabama also shuts down "Profitable Sunrise" HYIP

According to Patrick Pretty, Alabama has also issued a warning regarding "Profitable Sunrise" HYIP, which was issued a cease and desist by North Carolina only a week or so ago.

For details, see PPBlog report:

http://www.patrickpretty.com/2013/03/06/urgent-bulletin-moving-alabama-issues-warning-on-profitable-sunrise/

BREAKING NEWS: "Profitable Sunrise" HYIP issued "cease and desist" by North Carolina

After the demise of Zeek Rewards, many Zeekheads ended up on Profitable Sunrise, which was one of the dozens of schemes trying to go after Zeekheads. Profitable Sunrise claims to be in UK, but in reality seem to operate in Czech Republic. On February 27th, 2013, North Carolina issued a cease and desist, ordering Profitable Sunrise to cease operating in North Carolina immediately.

Profitable Sunrise is what's known as HYIP, or "high yield investment program", usually a pyramid scheme or a ponzi scheme. Though it often claimed to be associated with more legitimate names or locations. However, investigators associated with state of North Carolina pointed out that funds are wired to a bank in Czech Republic for deposit into Profitable Sunrise, and thus, there's no doubt that it is offering an investment product, and thus, conducting business illegally in state of North Carolina.