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Auditor warns of 'Profitable Sunrise' scam

CHARLESTON, W.Va. - State Auditor Glen Gainer's Securities Division is warning West Virginians about a potentially fraudulent online investment scheme being advertised by an offshore company that claims to have offices in the United Kingdom with owners and operators located in Eastern Europe.

The company, Inter Reef Inc., is doing business as "Profitable Sunrise."

Authorities say Profitable Sunrise's claims of unsustainable, high yield returns and "referral options" are often red flags consistent with Ponzi or Pyramid-like schemes.

Its owners, Roman and Radoslav Novak, are offering various investment models that include highly suspicious "risk-free" investments promising 1.5 to 3 percent returns each day.

Officials said neither Profitable Sunrise, its investment products nor its alleged owners are registered with the West Virginia Securities Division. While the website associated with the company went offline March 14, officials encourage anyone who invested with the scheme to contact the Securities Division Enforcement Section at 877-982-9148.


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