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Md. AG in court to stop international company’s Ponzi scheme

Hank Silverberg, wtop.com

WASHINGTON – It’s an online investment offer that targets people looking for a fast buck, but it may be a rip-off instead.

Maryland Attorney General Doug Gansler has gone to court in an effort to stop a company called Profitable Sunrise.

He has succeeded in getting a cease-and-desist order against Reef Ltd., an international company that operates Profitable Sunrise, and the two brothers that operate it from the U.K.

Gansler says what Roman and Radoslav Novak are offering is implausible.

They offer both small and large “risk-free” investments to people who back a company. The company pitch, which uses quotes from the Bible, says they give short-term, high-rate loans to businesses in the U.S.

Gansler says Profitable Sunrise is a Ponzi scheme, which also offers bonuses if you lure someone else to invest in it as well.

Nineteen other jurisdictions have joined Maryland in trying to shut down the company.

Gansler says anyone who may have invested in Profitable Sunrise should contact the Securities Division of the Attorney General’s office at 410-576-7786.

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