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Forum staff reports, Published March 14 2013

ND orders English firm to stop doing business

BISMARCK – The state’s securities commissioner has ordered an English company and its operators to stop selling securities or investment contracts in North Dakota.

An investigation of Roman Novak, his brother, Radoslav, their company, “Profitable Sunrise,” and its shell company, Inter Reef Ltd., alleges they promoted at least five different “investment plans” online that offered rates of return of 1.6 percent to 2.7 percent per business day from 180 to 240 business days, Securities Commissioner Karen Tyler said.

Investors were told that their money would be used for short-term, risk-free loans to businesses, and that “all funds deposited with us are insured against loss” by a leading investment bank.

Neither of the men or their company are registered in North Dakota to conduct securities business, and investigators believe at least one Bis-marck resident invested in Profitable Sunrise and solicited others to invest. The solicitor would be required to register in North Dakota as a securities agent, and the Bismarck investor is not registered in the state.

Anyone who has invested with the companies should contact the Securities Department’s enforcement division at (701) 328-2910 or (800) 297-5124.