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Ohio securities regulators flag investment scheme

COLUMBUS, Ohio (AP) -- State authorities are warning Ohioans about an Internet investment scheme that may be targeting religious organizations.

Ohio joined 15 other states and five Canadian provinces last week when it issued an investor alert against Inter Reef Ltd., doing business as Profitable Sunrise, and its operators.

The Ohio Department Commerce's Securities Division alleges the United Kingdom company and its operators — brothers Roman and Radoslav Novak — are engaging in securities fraud, selling securities unlicensed and selling unregistered securities through the website www.profitablesunrise.com .

Commerce Director David Goodman said consumers should view no-risk, high-return investments as often "too good to be true."

The site includes Bible quotations and options for donating investment returns to charity that could signal religious groups are a target.