Profitable Sunrise

BI
Boccadutri International Law Firm

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Investors in Profitable Sunrise who applied for a refund by December 2, 2022, will finally be able to recover their money. Encouraging news in this regard comes from the liquidator, who has been tasked...
Italy Corporate/Commercial Law

Investors in Profitable Sunrise who applied for a refund by December 2, 2022, will finally be able to recover their money.

Encouraging news in this regard comes from the liquidator, who has been tasked with distributing approximately $10.8 million to those who invested directly in Profitable Sunrise or in related companies, such as Colorshock, S.R.O.

These proceeds will be distributed to eligible victims through a process called "remission."

The U.S. Department of Justice has arranged for the verification of victims' remission claims and the distribution of confiscated funds.

Eligibility for Refund

If you believe you were a victim of the fraud, you may be entitled to a refund for the financial losses incurred. However, in order to be eligible, it was necessary to submit a formal request by December 2, 2022, accompanied by detailed supporting documentation to justify the net amount claimed.

The net investment amount represents the total sum invested in the Profitable Sunrise program, minus any amounts withdrawn in the meantime.

Acceptable documents proving payment to Profitable Sunrise include international wire transfer records, bank statements, or other similar official transaction records, such as those from third-party currency exchange entities (e.g., Liberty Reserve or Solid Trust).

Profitable Sunrise: The Story

Between July 2012 and March 2013, a group of individuals, who were later found to be using false names such as Roman Novak and Radoslav Novak, conspired to create an online high-yield investment program called Profitable Sunrise. The program promised extraordinarily high rates of return with minimal or no risk to investors' funds.

The scheme specifically targeted the international Christian community: the Profitable Sunrise website, whose slogan was "Get rich at every sunrise," featured Bible verses strategically placed to attract people's attention.

Individuals were also engaged on a personal and human level, being encouraged to donate their future grand profits to charity and invited to become regional representatives in order to earn commissions by introducing other investors to the program.

Moreover, the program offered the possibility to invest small sums of money, demonstrating an intention to attract novice investors who were less aware of the risks involved.

Investigations revealed that this was actually a global pyramid-style Ponzi scheme, and most investors did not receive the fabulous profits they were promised, instead losing their entire investment.

The funds invested by unsuspecting clients were never actually used for the intended purposes but, as in any other Ponzi scheme, were used to pay "interest" to other investors or ended up in the pockets of the group of accomplices running Profitable Sunrise.

In 2013, the company was charged with violations of anti-fraud regulations. Also implicated were Inter Reef, Ltd., and four Czech companies: Melland Company SRO, Color Shock SRO, Solutions Company SRO, and Fortuna-K SRO, which had in turn received funds from investors under the direction of Profitable Sunrise.

The charges revealed that Inter Reef, based in the United Kingdom, had managed a fraudulent online security offering under the name Profitable Sunrise, targeting investors in the United States.

Immediately after the closure of the Profitable Sunrise website on March 13, 2013, all contact between the investors and the individuals managing the platform (and the money) ceased.

The turning point finally came with the seizure and the announcement of the redistribution, which began on September 13, 2023. This primarily concerns those who have proven they invested in Profitable Sunrise, particularly through Melland Company, Technocash, Solid Trust Pay, Solutions Company, and Fortuna.

If you have already submitted a claim to the liquidator but have not received a response yet, you may receive information on the matter through our Forex Department attorneys, who are following the case for further updates. They can help verify with you whether the documentation you have submitted indeed entitles you to recover your money.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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