Secretary Kemp Announces Order against Foreign-based Company known as Profitable Sunrise for Violating Georgia Securities Laws

Georgia Secretary of State Brian Kemp issued an order against international company Inter Reef LTD d/b/a Profitable Sunrise and its operators for violating the Georgia Uniform Securities Act.

The Secretary of State's Securities Division ordered Profitable Sunrise, Roman Novak and Radoslav Novak to immediately cease offering unregistered securities in Georgia. The respondents promoted at least five different “investment plans” through their website in violation of state law. Further investigation revealed that none of the respondents are registered to conduct securities business in Georgia, as required under Georgia securities law.

Georgia is one of many states investigating Profitable Sunrise and its operators. A copy of the Commissioner of Securities' order against Profitable Sunrise, Roman Novak and Radoslav Novak is available online here.

Secretary Kemp cautions investors to thoroughly scrutinize and carefully research all investment opportunities. Additional information on how to protect against investment fraud is available on the Georgia Secretary of State’s Securities and Business Regulation Division website at www.sos.ga.gov/securities.

Georgians are reminded that complaints against a securities firm or investment adviser and complaints involving the sale of securities in Georgia may be filed using the “Online Complaints” link located on the right side of the Securities homepage.

Notice of Adopted Securities Rule Amendments
Atlanta, January 2, 2013

On December 7, 2012, the Georgia Commissioner of Securities adopted amendments to two of the Commissioner’s rules under the Georgia Uniform Securities Act of 2008. Pursuant to the Georgia Administrative Procedure Act, the newly adopted rule amendments become effective on December 27, 2012. Specifically, the Commissioner has amended one rule contained in Chapter 590-4-2, Exemptions, and one rule in Chapter 590-4-4, Investment Advisers and Representatives. The final amended rules are available for review on this web site by clicking the following link: Uniform Securities Act.