State says Web-based Profitable Sunrise 'victimizing Minnesotans'

  • Article by: THOMAS LEE and PAUL WALSH , Star Tribune
  • Updated: March 14, 2013 - 9:25 PM

Regulators warned investors about “Internet scheme” to separate them from their money.

  • 8
  • Comments

  • Results per page:
  • 1 - 8 of 8
robertocMar. 14, 13 2:16 PM

The problem here is not the entity Profitable Sunrise, the problem is the two idiots in Minnesota and all the other individuals who are misrepresenting the company. Let me ask you this, If I go out and tell people I'm a surgeon for St. Jude Hospital, and attempt to perform surgeries without a medical license, who is at fault? Is St. Jude the problem, NO, I would be liable for misrepresenting myself. No one should say that St. Jude was doing anything wrong. I've done a lot of research on this company, and below are the facts people need to understand. Profitable Sunrise is not an investment firm, it does not sell securities or stocks, they are a private lending institution. Their members lend them money within a "Loan Agreement". That money is then lent out to other people and businesses (Borrowers) who pay the money back with interest. A portion of that interest gets paid back to the members. Example: Its like me borrowing, $100 from a friend and paying them back 6 months later a total of $125. In those 6 months, I decide to lend that same $100 out fifteen times and each time I was paid back $110. My profit is $125 where I can now lend that out again if I choose. This, in a nutshell, is exactly what Profitable Sunrise does. Is there a risk involved, YES, just like there is a risk involved anytime you lend someone money. Many people think the interest the members are paid is ridiculous, be it low interest or high interest, most people fail to realize its the same thing we do with our local BIG banks! We all deposit money in the BIG banks every week or month and they pay us an insulting interest rate if any at all. But the bank will now use our money to lend to people for mortgages, personal loans, car loans, etc. and they will charge interest rates from 2%-7%, in most cases, even higher, especially for credit cards. So the question: Is Profitable Sunrise guilty of fraud? The answer is NO. The two men should be accused with lack of knowledge about the lending institution they DON'T work for, they are just members of. They got a little excited, told a lot of people and made some incorrect statements. Last time I checked, I didn't need a license to refer people to my local bank when they were offering me a $50 bonus for every friend I referred who opened an account with them. Anyway, I think everyone in America and the rest of the world needs to start using common sense, because obviously.....it's not that common anymore.

2
11
pamalyonsMar. 14, 13 3:43 PM

This is the most ridiculous crap I have ever heard. There has nothing wrong been done with Profitable Sunrise. Everyone who is involved with Profitable Sunrise is bettering their lives. Nothing wrong has been done. Period!

1
10
luzhishenMar. 14, 13 5:03 PM

Any investment business with the word "sunrise" or "sonrise" is likely to be a faith-based swindle; there are numerous examples out there. Google sonrise fraud and find out.

4
2
j1992sMar. 14, 13 5:50 PM

@robertoc. You say there is risk involved; however, the Profitable Sunrise proprietary website, the one that is now offline because of supposed server migration, says in several places that it is risk-free. Should the site ever come back online, it will be interesting to see if it still touts itself as "risk-free." Why do YOU say there is risk, when that contradicts the proprietary website? You ask people to use "common sense." Fair enough - my common sense tells me that there is no legitimate loan structure anywhere that provides for people to be paid at an annualized rate of 360% to %720 per year.

10
0
dylandielMar. 14, 13 8:04 PM

The website is down because they are making changes to the website and will be back online in 48 - 72 hours.

0
5
mirallMar. 14, 13 8:11 PM

People are being promised 2% interest PER DAY?? For a period of 170 business days (34 ordinary weeks)?? At a time when interest rates on most bank accounts are running below 1% PER YEAR? Nothing except a Ponzi scheme could pay that. The commenter who talks about 2-7% interest on ordinary loans of various sorts is talking about 2-7% ANNUAL PERCENTAGE RATE. I feel sorry for anybody who would fall for this kind of thing.

13
1
cwright83Mar. 15, 13 8:54 AM

yeah i am watching the comment ratings of everything that is being promoted here every time someone that is involved with pro sun makes a positive comment it gets disliked and every time someone bashes it gets liked. If your for prosun you won't win here might as well not waste your energy trying to fight for anything here. People who have failed in our industry will always look at it as a scam its not their fault its the fault of others who have abused so many and caused a high failure rate. People every where who get desperate and greedy ruin it for everyone the industry we were once proud of has been destroyed by those who prefer to leverage the lack of knowledge of other people to make them selves rich to keep them poor.

0
1
cwright83Mar. 15, 13 9:01 AM

The problem lies in the balance between those who get in this industry and fail because of lack of skill, usually failure in this industry means a loss of a lot of money. And between a government or banking industry who feel they are not getting their cut. American banks rob the American people every day why don't they get shut down? If your looking for a legitimate online business you should look into a non- profit organization called Independent Online Network Marketers. We are an organization to help combat the failure rate of our industry, You can shut down companies and business but you can't shut down organizations that are 100% free to join that don't take any money from any body. People have been abused by our industry far too long and we are going to turn that around !!!

0
0
  • 1 - 8 of 8

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

question of the day

Poll: Can the Wild rally to win its playoff series against Colorado?

Weekly Question

ADVERTISEMENT