Profit sunrise scam –now in trabble

Profitable sunrise is definitely the hyip of 2012-2013, thousands of people have invested in this program managed by Roman Nowak guarantying 2.2% daily profit for the trust for a period of 170 days. At the end of this period the trust returns to its owners.

Usually I don’t have any issues with hyip investments (high-yield investment program), as long as they are held carefully while the investors are fully aware with the risk and the chances of the program closing Without prior warning.

Yet, is seems that this time this program has gone way too far raising money through big charity organizations and small private trusts while it is quite obvious that many of the members of those organizations are not fully aware of the risks, and investing them thinking they are a long term investments.

It seems that the party is about to end:

The Securities Division of the North Carolina Department of the Secretary of State issued a Temporary Order to Cease and Desist to Roman Novak, Radoslav Novak, and Inter Reef LTD d/b/a Profitable Sunrise.North Carolina described Profitable Sunrise as “an immediate and significant danger”

You can download the temporary order from here.

While it is true that this temporary warrant can’t indicate an actual fraud of a near end (Profit sunrise  is listed in the UK and not in US) but history tells us that when this kind of companies start to develop legal issues the investors would rather stay away and keep their money with them, while the people who are already members of the program would try and withdraw as much as they can immediately.

Both of these effects increase the chance of the company going over to a lack of liquidity state or decide it cannot go on and would just stop paying.
We have to state that at the moment the company keeps its obligations and pays affiliates trying to withdraw, although a couple of days ago the owners has published the next announcement:
“The growth has brought about the necessity to streamline my business model, cut the administrative costs and comply with the tax authorities. They have already asked us about the interest we pay you. This has led to a very important decision to do away with third party payment processors. I am hereby announcing that we have started moving away from payment processors for withdrawals in favor of direct bank wires. By doing so we are literally killing 2 birds with one stone. First, you avoid the fees processors charge. Second, you comply with the IRS. We will simply specify in every payment what it is for and where is comes from so IRS will have no problem collecting taxes.”

At the moment, some of the accounts are blocked for withdraws to e-wallets and  are only available to bank accounts, initial reports tell us bank account withdraws are working just fine.

Yet I think that the best chances are this program will not survive long, I don’t know many affiliates who will join a hyip knowing that profits are only available by withdraw to bank accounts, an action that limits the period of time until receiving the money, as well as involving high fees rates and making the account owner expose himself, making his private details known to a company he does not know.

Right now we recommend everyone not to put more money in the program and withdrawal what you can also if you are promoting this program it would be true and fair to stop doing so.

 

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