MADISON (WKOW) -- State officials warn about an investment scheme where people are told to wire money to Eastern Europe.
Wisconsin's securities agency says a Birmingham, England-based company doing business as Profitable Sunrise promises investors risk-free daily returns of 1.6 percent to 2.7 percent for 180 to 240 days. Department of Financial Institutions securities administrator Patricia Struck says the company's activities could be viewed as selling unregistered securities, which is illegal in Wisconsin.
"Wisconsin investors should be extremely wary of any offers to invest from Profitable Sunrise," Struck said. "The promises being made by this company appear to fall into the 'too good to be true' category."
Investors in other states were told their money would be used to fund short-term loans to businesses and that all funds were insured against losses. Investors were instructed to wire money to financial institutions in Eastern Europe.
Struck said that securities officials in North Carolina and South Dakota have issued cease-and-desist orders against Profitable Sunrise.
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