Regulators warn credit unions of investment scheme

A scheme that tricks investors into sending money to Eastern Europe has credit unions in 16 states on high alert.

A company called Profitable Sunrise promises investors risk-free returns of 1.6% to 2.7% per day for 180 to 240 days. The investors are told to wire money to banks in Eastern Europe, including one in the Czech Republic.

Profitable Sunrise’s website has a referral program for people to become “regional representatives” for an investment group. The website also quotes Bible verses and claims to have ways to donate investment returns to charity.

CUNA has told credit union members to contact their state’s regulators if they have had any dealings with Profitable Sunrise. CUNA also suggested that before making any kind of investment, members should ask if the brokerage firm is licensed in their state, has been registered with their state’s securities regulator. Click here to read more.