Posted: Friday, March 15, 2013 -- 4:40 a.m.
MADISON, Wis. (AP) -- Wisconsin's securities agency is warning consumers about an investment scheme in which investors are instructed to wire money to Eastern Europe.
State officials say a Birmingham, England-based company doing business as Profitable Sunrise is promising investors risk-free daily returns of 1.6 percent to 2.7 percent for 180 to 240 days.
Department of Financial Institutions securities administrator Patricia Struck says the company's activities could be viewed as selling unregistered securities, which is illegal in Wisconsin.
Investors in other states were told their money would be used to fund short-term loans to businesses and that all funds were insured against losses. Investors were instructed to wire money to financial institutions in Eastern Europe. Struck said that securities officials in North Carolina and South Dakota have issued cease-and-desist orders against Profitable Sunrise.
Copyright: Associated Press 2013