Earlier this month Frank Calabro Jr. posted a series of rants against the North Carolina Securities Division. In one provided court transcript, it is revealed Calabro Jr. stole at least $2.2 million from USI-Tech Ponzi victims.
USI-Tech @ BehindMLM
Following an order permanently banning USI-Tech from operating in Ontario, Canada, the Ontario Securities Commission has published detailed reasoning behind its decision. The reasoning includes an email from USI-Tech management that throws their Canadian affiliates under the bus.
Seemingly more procedural than anything at this stage, the Ontario Securities Commission is seeking an order that would permanently ban USI-Tech.
Despite collapsing in April, USI-Tech has kept up the crypto mining charade in their affiliate backoffice. Unfortunately for desperate investors still bothering to check their backoffice, on October 23rd they were informed the charade has been dropped.
Outside of a yellow Lamborghini that may or may not belong to Ralf Gold, there hasn’t been much information on what the millions USI-Tech investors lost has been spent on. Following the filing of a lawsuit by Horst Jicha, we can now account for an additional $1.5 million in stolen USI-Tech investor funds.
Rather than just admit USI-Tech was a Ponzi scheme that collapsed, owners Joao Severino, Horst Jicha and Ralf Gold continue to string investors along. In their latest communication, USI-Tech now blame non-payment on the state of the cryptocurrency mining industry.
Thought the USI-Tech Ponzi scheme had completely collapsed? Yeah, not quite. USI-Tech had initially planned to exit-scam through the TechCoin ICO. Y’know, the usual stuff: Promise the shitcoin will moon, get it listed on some shady exchanges and then convert unpayable Ponzi ROI balances to TechCoin and do a runner. Fortunately USI-Tech’s plans were interrupted [Continue reading…]
New Zealand’s Financial Markets Authority has issued an investment warning against USI-Tech. Better late than never?
Rather than clear his name with evidence he isn’t a serial scammer, Frank Calabro Jr. has agreed to stop committing securities fraud in North Carolina.
As part of Operation Cryptosweep, Ohio has issued USI-Tech with a securities fraud cease and desist. The May 18th notice identifies USI-Tech Limited as the sole respondent, through a PO Box address in Dubai.