Regulator issues scam alert

By Staff | March 11, 2013 | Last updated on March 11, 2013
1 min read

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% through short-term loans to businesses.

The ASC is issuing this 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.


Biggest investment scams

Advisor uses social media for scam, SEC charges

Top six frauds and scams staff


The staff of have been covering news for financial advisors since 1998.