Profitable Sunrise
Profitable Sunrise was a Ponzi scheme that operated between 2012 and 2013, accepting deposits from members and promising returns on investment of 1.5% to 2.8% per business day, thousands of percent annualized. It solicited members around the world, particularly among Christian communities in the United States of America and in Canada. Profitable Sunrise took in as much as $100 million, an unusually high amount for a high yield investment program, before collapsing. Operations The program was run by Inter Reef Ltd. by persons using the false names of Roman and Radoslav Novak. Inter Reef had its headquarters address in Birmingham, its web site hosted in Los Angeles, and its banking operations in the Czech Republic. Profitable Sunrise allegedly told investors that it lent money to borrowers at 3% interest per day. The company offered investors programs with returns on investment such as 2% per business day, with funds available for withdrawal 170 business days after investment. The Minnesota Department of Commerce said that a $1,000 investment yielding 2% per business day would be worth $37,198 after 170 business days. The company also offered commissions to investors for referring additional investors. Regulators were unable to verify the existence of any of