PIERRE, S.D. (AP) – The South Dakota Department of Labor and Regulation’s Division of Securities has ordered an international company to stop selling securities in the state.
The division issued a cease and desist order to Profitable Sunrise, accusing the company and its operators, Roman Novak and Radoslav Novak, of committing fraud.
State officials say Profitable Sunrise sold securities without a license and sold unregistered investment contracts through its website at www.profitablesunrise.com . The website could not be reached on Tuesday.
Officials say investors were told their money would be used to fund short-term, risk-free loans to businesses and all funds deposited were insured against loss by a leading investment bank.
Securities Division Director Mike Youngberg says South Dakotans should be cautious any time they hear of a no-risk, high-return investment.
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