There is no question that Profitable Sunrise is a scam. They claim this is, "An investment with a certain rate of return and no chance of default. The interest rate paid under the Long Haul is 2.7% per business day." A company or individual with short-term cash needs either uses commercial paper, bankers’ acceptance, personal loan, home equity loan, 401(k) loan, margin loan, etc. The source of funds is based upon the amount needed, the size of the corporation, collateral, credit score or rating, etc. For comparisons purposes, commercial paper is yielding an annualized rate of 0.12% and short-term home equity loans have an annualized rate of 1.99%. Profitable Sonrise promises 2.70% PER DAY that is equivalent to over 100,000% per year, assuming 5 business days a week over 52 weeks. They are an HYIP, unregistered security, a ponzi, and pyramid scheme. I strongly urge everyone to file a complaint with the SEC and BBB because that is what worked to bring down Zeek Rewards. I am a Board Certified Financial Planner, have a Masters in Financial Services, and passed the required exams with the SEC to practice as an advisor. My strong warning is that Profitable Sunrise is a scam, it is only a matter of time.
To File a Complaint with the SEC -
To Provide Us Information About Fraud or Wrongdoing Involving Potential Violations of the Securities Laws
To File a Complaint with the BBB -
https://www.bbb.org/file-a-complaint/
Definitions
Commercial paper (CP) consists of short-term, promissory notes issued primarily by corporations. Maturities range up to 270 days but average about 30 days. Many companies use CP to raise cash needed for current transactions, and many find it to be a lower-cost alternative to bank loans. Current 1-month rates
1-Month AA Financial Commercial Paper Rate (DCPF1M) - FRED - St. Louis Fed
A bankers’ acceptance is created when a time draft drawn on a bank, usually to finance the shipment or temporary storage of goods, is stamped “accepted” by
the bank. By accepting the draft, the bank makes an unconditional promise to pay the holder of the draft a stated amount at a specified date.
SEC filing regarding Zeek Rewards -
SEC Shuts Down $600 Million Online Pyramid and Ponzi Scheme
High Yield Investment Program - The Internet is awash in so-called “high-yield investment programs” or “HYIPs.” These are unregistered investments typically run by unlicensed individuals – and they are often frauds. The hallmark of an HYIP scam is the promise of incredible returns at little or no risk to the investor. A HYIP website might promise annual (or even monthly, weekly, or daily!) returns of 30 or 40 percent – or more. Some of these scams may use the term “prime bank” program. If you are approached online to invest in one of these, you should exercise extreme caution - it is likely a fraud.
Promissory Notes - Promissory notes are a form of debt that companies sometimes use to raise money. They typically involve investors loaning money to a company in exchange for a fixed amount of periodic income. Although promissory notes can be appropriate investments for many individuals, some fraudsters use promissory notes to defraud investors, especially the elderly.
Pyramid Scheme - In the classic "pyramid" scheme, participants attempt to make money solely by recruiting new participants. The hallmark of these schemes is the promise of sky-high returns in a short period of time. Pyramid scheme promoters may go to great lengths to make the program look like a multi-level marketing program selling legitimate products or services. But these fraudsters use money from new recruits to pay off early stage investors until eventually, the pyramid collapses. At some point, the schemes get too big, the promoter cannot raise enough money from new investors to pay earlier investors, and people lose their money.
Ponzi Red Flags
High returns with little or no risk. Every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. Be highly suspicious of any “guaranteed” investment opportunity.
Overly consistent returns. Investments tend to go up and down over time. Be skeptical about an investment that regularly generates positive returns regardless of overall market conditions.
Unregistered investments. Ponzi schemes typically involve investments that are not registered with the SEC or with state regulators. Registration is important because it provides investors with access to information about the company’s management, products, services, and finances.
Unlicensed sellers. Federal and state securities laws require investment professionals and firms to be licensed or registered. Most Ponzi schemes involve unlicensed individuals or unregistered firms.
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