November 28, 2014

State securities office issues cease, desist order

The Kansas Securities Commissioner issued a cease and desist order after learning that at least four Kansas residents had invested a total of $22,000 in an international investment scheme.
The order alleges that Inter Reef Ltd., a company based in the United Kingdom, used a website to operate an investment scheme known as Profitable Sunrise.  The website described five investment plans that offered gaudy returns of 1.6 percent to 2.7 percent on a daily basis. Profitable Sunrise violated Kansas securities laws by failing to register its investment offering as securities in Kansas.
Securities Commissioner  is continuing to investigate the matter as it relates to Kansas residents.
Josh Ney, Interim Securities Commissioner said, “If an investment opportunity sounds too good to be true, it probably is.”
He also urges any Kansas residents that have invested money with Profitable Sunrise or had contact with persons promoting Profitable Sunrise to contact his office immediately.  “Considering the extent of this scheme, it is likely that several other Kansas residents have funds at risk with Profitable Sunrise. Our office needs information from such people in order to stop this type of activity,” he said.
Also named in the cease and desist order are two individuals and an organization that promoted Profitable Sunrise to Kansas residents.  David P. Cozzocrea, a Florida man, promoted Profitable Sunrise via a website known as KTFAlways.com.
Two Kansas investors learned about Profitable Sunrise through KTFAlways.com and contacted Cozzocrea directly.  Cozzocrea provided the investors with instructions for setting up an account with Profitable Sunrise and directly funded their accounts with Profitable Sunrise.
Two other Kansas residents invested in Profitable Sunrise through an organization known as the NJF Global Group Community.  The NJF Global Group Community was operated by Focus Up Ministries, Inc. and its founder, Nanci Jo Frazer.  The NJF Global Group Community promoted Profitable Sunrise as a fundraising opportunity for religious-based and charitable organizations.
At least 30 other states have issued cease and desist orders or investor alerts regarding Profitable Sunrise. The United States Securities and Exchange Commission (SEC) has filed a complaint against Profitable Sunrise.  The SEC complaint alleges that Inter Reef Ltd., the company that operated Profitable Sunrise, employed devices, schemes, and artifices to defraud persons that invested with Profitable Sunrise.
Kansans are encouraged to check the Securities Commissioner’s website at ksc.ks.gov before investing.

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