CALGARY, March 11, 2013 /CNW/ - The Alberta Securities Commission (ASC)
is warning investors about a "high-yield investment" scheme offered
through a promotional website for an offshore company called Profitable
Sunrise. A high-yield investment scheme involves an investment that
promises unrealistically high returns while disclosing few details on
how such returns are generated. The Profitable Sunrise website offers
investors various plans to earn daily interest of 1.6 to 2.7 per cent
through short-term loans to businesses.
The ASC is issuing this investor alert after it received reports from
First Calgary Financial that several of its Calgary customers have
attempted to withdraw significant amounts of funds from their accounts
for wire transfers to the Czech Republic. The ASC confirmed that the
North Carolina Securities Division recently issued a Temporary Order to
Cease and Desist against Profitable Sunrise and its agents. Albertans
should be aware that Profitable Sunrise and its agents are not
registered to sell securities in Alberta. The company and its
principals appear to be located in the U.K.
"Our front-line employees are trained to identify suspicious
transactions by members so that we may be able to stop them from
becoming the possible victims of an investment scam," says Debbie
Pratt, Vice President of Retail Banking for First Calgary Financial.
"In this case, we noticed a trend and a quick call to the ASC allowed
us to alert our members."
"It's important for investors to know that there is no such thing as a
high return, no risk investment," says Bill Rice, Chair and CEO of the
ASC. "If you are persuaded to send money overseas, it may be difficult,
if not impossible to get it back if something goes wrong."
If you have been contacted by someone claiming to represent Profitable
Sunrise, please refer to the North Carolina Securities Division's
website (www.secretary.state.nc.us/sec/) for more information on the Temporary Order to Cease and Desist <http://www.secretary.state.nc.us/sec/actions.aspx> against Roman Novak, Radoslave Noval and Inter Reef Ltd d/b/a
Profitable Sunrise. In the meantime, the ASC urges the public to be
wary of Profitable Sunrise and other high-yield investment schemes.
The ASC urges investors to familiarize themselves with some common red
flags of investing and offers the Red Flags of Investing factsheet. If you unsure about an investment opportunity, consult a
registered financial adviser or obtain independent legal advice before
making a decision or handing over any money. Do more research using
the resources of the Alberta Securities Commission by visiting www.albertasecurities.com or contacting ASC Public Inquiries at 1-877-355-4488 or firstname.lastname@example.org.
The Alberta Securities Commission (ASC) is the regulatory agency
responsible for administering the province's securities laws. It is
entrusted to foster a fair and efficient capital market in Alberta and
to protect investors.
First Calgary Financial is a full service financial institution. As
Alberta's second-largest credit union with over $3 billion in assets,
First Calgary Financial is Calgary's only locally-owned and operated
SOURCE: Alberta Securities Commission
For further information:
For ASC Media Inquiries:
Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1-877-355-4488
For First Calgary Financial Inquiries:
Director, Communications and Stakeholder Relations