The New Brunswick Securities Commisison has joined other provincial regulators in warning investors are not to send money to an offshore company called Profitable Sunrise.
The company claims to provide high-yield investments through short-term bridge loans to businesses.
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 NBSC says that Profitable Sunrise and its agents are not registered to sell securities in New Brunswick and have not filed a prospectus with the commission. The company and its principals appear to be located in the United Kingdom.
“Investors need to take a step back if they are pressured to hand over their savings for quick guaranteed profits,” says Rick Hancox, executive director of Commission. “A high return, no-risk investment does not exist. Remember, the higher the returns, the higher the risk.”
The Alberta Securities Commission, the British Columbia Securities Commission, the Autorité des marchés financiers and the Ontario Securities Commission have all issued similar warnings earlier this week.