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Thu March 14, 2013
Kentucky Investment Company Ordered To Stop Selling Products
LEXINGTON, Ky. - An international investment company located in Kentucky has been ordered by state government to stop selling securities in the state.
The Kentucky Department of Financial Institutions issued a cease and desist warning to the company Thursday, alleging the investment products and those selling them were not registered in Kentucky.
The department also claims Roman and Radoslav Novak, the brothers who run the business, committed fraud by misrepresenting information on the company’s website. Kentucky isn’t the first to cite Profitable Sunrise. The Lexington Herald-Leader reports at least 13 other states, along with Canadian jurisdictions, have been investigating the company, which says it provides short-term loans to businesses throughout the country.
The business’ website invites investors to “get richer every sunrise” and, according to department commissioner Charles Vice, appeared to target the Christian community by using Bible quotes.