By Staff Writers Of ChristianMoney.com
ChristianMoney.com has learned from U.S. Federal Court filings that the government case against Inter Reef, LTD (AKA Profitable Sunrise), may finally be yielding a financial recovery. James Paris, Editor In Chief of ChristianMoney.com, personally contacted the Securities And Exchange Commission inquiring about why there has been no public update in more then two years. Erin Stattel, Press Officer for the SEC, would only provide a link to the March 2013 press release.
In deference to the SEC, ChristianMoney.com has waited 79 days from that inquiry, and has still received no update. Now that all the defendants in the case have defaulted, and money is being repatriated to the United States, it seems highly irregular that the SEC would not update the victims.
Honestly, I have no idea what they are waiting for to update the victims, and it should have happened long before now. The truth is that the longer the government waits to reach out to those that lost money, the harder it will be to accurately assemble a list of victims and process claims. As with many cases like this, the SEC shows a great amount of vigor in the beginning and then puts the whole matter on a slow boat to China. I also think there are a lot of tough questions to be answered here about how the worldwide sale of illegal and unregistered securities could go on for so long (more than a year and a half), without the SEC stepping in sooner. This scam could not have been operating with any higher of a profile. They had hundreds of websites, webinars, YouTube videos, the only thing they didn't do was to land a gyrocopter on the lawn of the SEC's headquarters in D.C.
Frankly, I could not be more disappointed in how the SEC has handled this case. As it is, victims may only be getting pennies on the dollar - this is truly adding insult to injury. I may be a little old school, but my view is that the government works for us. The smug response I received when I was simply looking for an update is par for the course with today's government officials. Investors should also know that there has not been one single criminal prosecution of any of the individuals involved in this scam.
James Paris, Editor In Chief
The standard procedure would be to appoint a receiver and establish a website for victims to register a claim - none of that has happened.
ChristianMoney.com is suggesting that victims contact their representatives in Congress and the Senate to ask for assistance. By their actions, one can only conclude that the SEC has assigned this case, and its associated victims, a very low priority. A further tragedy here is that it appears that the individual state securities regulators have all deferred to the SEC as well. As a result, we also suggest that victims contact their state securities regulator to share their opinion about how this case is being handled. We may be the only organization still following this case or that has any interest. Nonetheless, we believe that the victims deserve answers.
We welcome the SEC to provide a response and we will gladly post it to our blog.