March is Fraud Prevention Month - Caution to be used when solicited by Profitable Sunrise

Investor warnings - News

Montréal - The Autorité des marchés financiers (the AMF) is warning Quebeckers about investment contracts offered by Inter Reef LTD, also known as Profitable Sunrise on the Internet, which purports to be a British company and is not authorized to carry on business in Québec.

The North Carolina Department of the Secretary of State recently issued an order This link will open in a new window warning investors about offers published by Profitable Sunrise and its officer, Roman Novak, on the Internet. Investigators with the North Carolina Department of the Secretary of State say that Profitable Sunrise and its officer promoted five different investment plans through a website that offered rates of return ranging from 1.6% to 2.7% per business day. Investors were told their money would be used to fund short-term loans to businesses, risk-free. Secretary of State investigators have also discovered that victims were asked to make wire transfers of money to financial institutions in Eastern European countries, including the Czech Republic.

This week, the Alberta Securities Commission warned investors after it received reports from a Calgary-based banking institution that several of its customers have attempted to withdraw significant amounts of funds from their accounts for wire transfers to the Czech Republic.

Although there is no proof that Quebeckers invested in the scheme, the AMF urges great caution in dealing with offers by Profitable Sunrise. No person or company named Roman Novak, Inter Reef LTD or Profitable Sunrise is registered with the AMF. Since they are not registered with the AMF, solicitations by Roman Novak, Inter Reef LTD and Profitable Sunrise of Québec investors could contravene the laws administered by the AMF.

If you have responded to solicitations from Profitable Sunrise or any similar type of solicitation, please contact an officer at our Information Centre.

Reminder to investors
As part of Fraud Prevention Month, the AMF reminds consumers that it is important to ask questions (5 bonnes questions - in French only) before entrusting their savings to a person who solicits them, especially when promised a return that is too good to be true such as in this case.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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Information :

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