USI-Tech @ BehindMLM

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.

Justin Verrengia was one of USI-Tech’s top US-based investors. After USI-Tech collapsed in the US, Verrengia, who is based out of Florida, began scrubbing the internet of his association with the Ponzi scheme. Most of Verrengia’s promotion of USI-Tech, primarily through his “Crypto Alchemy” Facebook group, has since been made private or deleted. I did [Continue reading…]

Despite management claiming to have ‘never had a problem in the USA and Canada‘, further evidence of USI-Tech’s non-compliance with US regulators continues to surface. The latest is confirmation the company failed to respond to a North Carolina securities fraud cease and desist.

Spain’s top securities regulator, the National Securities Market Commission (CNMV), has issued a securities fraud warning against USI-Tech.

Following less than successful attempts reach out to USI-Tech victims in North Carolina, the Securities Division is broadening its appeal.

Following confirmation its BTC Packages were unregistered securities, USI-Tech announced it was abandoning the US and Canada back in early January. Turns out that was baloney, with USI-Tech once again announcing it is abandoning the US and Canada a few days ago.

Following an internal investigation into USI-Tech, on February 23rd Quebec’s Autorité des marchés financiers (AMF) filed for a securities fraud cease and desist. The cease and desist named USI-Tech and promoters Cris Vegas and Johanne Brunelle as respondents. Facebook, LinkedIn, Meetup, Steemit, Evensi and Mazarine Trade Inc. were listed as additional parties involved.

Frank Edward Calabro Jr., one of the USI-Tech Ponzi scheme’s top investors, is the subject of an ongoing investigation by North Carolina authorities. In conjunction with a securities fraud cease and desist issued on March 8th, authorities raided Calabro Jr.’s Guilford County home on March 9th.

Frank Edward Calabro Jr. has a history of scamming people dating back to Zeek Rewards and beyond. Since Zeek Rewards was shut down by the SEC in 2012, Calabro Jr. has promoted train wreck after train wreck of collapsed scams – profiting handsomely along the way. It seems the law has finally caught up with [Continue reading…]

Yesterday we reported on USI-Tech admitting it was using newly invested funds to pay off existing investors. Today we can confirm a US regulatory investigation into the company is underway.