USI-Tech securities cease trade order issued in Ontario
Whereas USI-Tech regulatory warnings by other Canadian provinces have been mostly passive (alerts, warnings etc.), Ontario has upped the stakes by issuing a temporary cease trade order against the company and two affiliates.
The temporary cease trade order, issued by the Ontario Securities Commission on February 15th, names USI-Tech and local affiliates Eleanor Parker and Casey Combden as respondents.
I wasn’t able to find anything on Eleanor Parker but Casey Combden (right) cites himself on Twitter as a “Network Marketing Expert”.
At issue is USI-Tech’s BTC Package Ponzi scheme, which the Ontario Securities Commission has classified as an unregistered securities offering.
Eleanor Parker and Casey Combden appear to be promoting and soliciting Ontario residents to purchase packages of mining bitcoin offered through USI Tech.
Eleanor Parker and Casey Combden may have traded securities without registration and without an exemption to the registration requirement contrary to the Securities Act.
USI Tech, Eleanor Parker and Casey Combden may have distributed securities without a prospectus having been filed and receipted by the Director contrary to section 53 of the Act.
Rather than hold a hearing on the matter, the Securities Commission has deemed it in the public interest to instead immediately order USI-Tech, Eleanor Parker and Casey Combden to cease trading in securities.
The Securities Commission also reaffirms that neither USI-Tech, Parker or Combden are exempt from Ontario securities law.
The February 14th temporary cease trade order is in effect until March 1st, after which the Commission has the option of extending it.
A similar USI-Tech cease trade order was issued by Saskatchewan on January 26th.
As at the time of publication the Saskatchewan order is still in effect.
The Canadian provinces of British Columbia, New Brunswick, Nova Scotia and Manitoba have each issued USI-Tech investor warnings.
On January 25th USI-Tech management told affiliates the company “never had a problem in Canada“.
Update 28th February 2018 – On February 26th the Ontario Securities Commission extended the USI-Tech cease trade order until April 6th.
Respondent and USI-Tech affiliate Casey Combden is also prohibited from promoting USI-Tech as part of the order.
Update 7th April 2018 – On April 5th the Ontario Securities Commission extended the USI-Tech cease trade order for a second time until July 19th.
Update 20th July 2018 – On July 18th the Ontario Securities Commission extended the USI-Tech cease order till January 23rd, 2019.
This is the third time the cease trade order has been extended.
Thank you MLM community for continuously exposing more info about USI tech. I am personally convinced its a scam as ive been following your threads since late last year.
Some family members of mine in Australia are still heavily invested and sucked into this scam.
I cannot get it through to them that this is a scam as they are too narrowminded to bother to read through this forum and any info i put to them.. its a sad time as i can see they are most likely going to lose all their investments.
Roughly 60k+ aud goin b the amount of packages they have. If anyone has any recommendation for an argument i can put to them i would be much appreciated.
I fear they are too far brainwashed to be helped. They still beleive that genesis mining facility is owned by usi legit and the energy efficient miracle etc.. its so irritating and insulting that they wont believe me/ or spend time reading on what they have actually invested into.
Some people just need to learn the hard way…
I think the first step would be to have them look at the number of reviews done here at BEHINDMLM and how many times a company that is reviewed here is still in existence a few years later… EVER… In fact… most of the companies reviewed here ever last a few months or so…
Point being.. If it has been reviewed on BEHINDMLM… 99% of the time it ends up being a scam and 97% of the time the company is around in the next year or two….
For me.. these FACTS are enough…
You’re never going to get through to them if they are in that deep… besides, USI TECH has got a tight lock on the money and they couldn’t get it out now if they wanted to.
USI TECH is currently so far gone, they are probably figuring if they are going to do a Tech Coin exchange for the BTC packs, or a full out 404.
All the Network Marketers are bailing out, scrubbing their channels of USI TECH propaganda and are well on the way to promoting their next scams.
Don’t waste your time, you tried your best, you just must let the Financial Fist of Fate work its magic to wake them up.
The USI church is still strong.
the chats on whatsapp are now in the ‘you gotta believe’ modus. like – OneCoin – it still ignorance on Fire..
enjoy this video clip!
youtube.com/watch?v=qFtJC9CqQ4c
‘you gotta believe’
If you kept rebuying or bought in after October, you are cactus.
@Auslad
Have a look at Bot Watch’s “How to help someone in an MLM”.
Although USI Tech is a Ponzi scheme rather than a pure pyramid scheme, much of the advice is still valuable.
Thanks Malthusian for that link as I hadn’t seen it before. Good stuff.
Ponzi or pyramid, if it endless chain network marketing, its really all the same diff anyway. So it’s very relevant and excellent advice for this poor fellow.
Unfortunately, sounds like the MLMing cult has hold of his family members and it’s too late.
So, I’m one of those silly people that invested. It was my first introduction to the crypto-space and I had no idea that it wasn’t what the ‘real’ crypto-space was all about.
I’m now wiser, but poorer. What should I do?
I was naively hopeful that the BTC Packages side was the trouble and the ICO/Tech-coin might have some sort of glimmer of hope. I now doubt that is even possible.
There’s now promises that the tokens will be ‘live’ March 1st. Should I not hold my breath or does anyone even think I’ll have a chance at offloading tokens to another poor sucker at an exchange?
Gee, I got myself a real doozy this time! Glad I worked out the real crypto-space because the dip has helped me a little.
There are other sheep though that don’t even know what they’ve thrown their money at and are keen to keep buying. They don’t even know how to register on an exchange. Sad.
@Lost Write it off to experience. Let the other sheep learn their lesson. All you can do to help is refer them to this website.
That’s what I’ve been telling myself. Thanks for your input 🙂
Again thanks everyone for your expertise.
Thanks for that link bro but i think i will follow Sparkys advice “Don’t waste your time, you tried your best, you just must let the Financial Fist of Fate work its magic to wake them up.” Haha financial fist of fate.. brilliant.
Its a lost cause trying to get through to the ignorant and as someone else i remember said in a previous thread,(cant find the quote) people get “blinded by greed”.
For anyone that is throwing money at the Tech Coin and have read up on BitConnect and understand what happened there…… then most likely you will never ever understand how to recongnize a SCAM.
And that is okay… There are many of those folks out there…. but I just hope that your not THROWING money that you need to live and survive at money you had already lost that was meant for your retirement or savings….
There is an old saying” Cut Your Losses”…
UPDATE FOR OZ
cbc.ca/news/canada/saskatchewan/sask-cto-bitcoin-scheme-1.4544885
Thanks for the update Dickie.
Article updated with news of Ontario cease trade order extension until April.
Article updated with news of second Ontario cease trader order extension until July.
Article updated with news of third extension running into 2019.