The British Columbia Securities Commission is warning the public not to send money to Profitable Sunrise, an entity that purports to be incorporated and registered in the United Kingdom, and claims to provide short-term bridge loans to companies in the United States.
According to its website, Profitable Sunrise offers five different investment plans, with a minimum investment of $10.00 and a “risk free” return of between 1.6% and 2.7% per business day on a 180- to 240-day term. The BCSC contends that these returns are so high that investors cannot earn them through legal means.
The BCSC has received reports of British Columbia residents wiring money to Profitable Sunrise, and wishes to advise the public that Profitable Sunrise is offering its investments without a prospectus and without being registered.
The Alberta Securities Commission has also issued an investor alert with respect to Profitable Sunrise’s activities, and the North Carolina Securities Division recently issued a Temporary Order to Cease and Desist against the entity and its agents.
The BCSC urges investors, agents or members of the public who have been approached by or have information about Profitable Sunrise to contact the BCSC inquiries line at 604-899-6854 or 1-800-373-6393 (toll free).
In December 2012, the British Columbia Securities Commission issued two notices of hearing, one liability and sanction decision, one sanction decision and two settlement agreements. The Commission also issued one decision on jurisdiction and an Investor Alert. During December 2012, IIROC released one settlement agreement relating to a BC headquartered corporate registrant. The MFDA […]
BCSC staff ambassadors tour the province, helping people to protect themselves from fraud and unsuitable investments. Our goal is to enable BC investors to develop critical thinking skills so they can become more informed of steps they should take to protect themselves when investing. Where we are this month White RockBe Fraud Aware February 4Private […]