USI-Tech @ BehindMLM

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.

Despite it being pretty obvious USI-Tech has operated as a Ponzi scheme since BTC Packages were released last year, the company maintains it isn’t. Amid an ongoing ROI revenue crisis that has seen daily ROI rates plummet, someone at USI-Tech has inadvertently confirmed it’s a scam.

When the Texas Securities Board issued USI-Tech with a cease and desist last year, one of the primary concerns was lack of disclosure. At the time USI-Tech were claiming to generate ROI revenue through bitcoin mining.

When Texas issued USI-Tech with a cease and desist and provide evidence of external ROI revenue, rather than do so the company hastily terminated operations in the US. The problem with this decision however was that the US was by far USI-Tech’s largest source of investors, which also meant they were owed the most amount [Continue reading…]

Along with “someone died”, suddenly getting struck down by a mysterious illness, hackers and DDOS attacks, “we’re too big for business” is as clichéd of a delayed payment excuse as they come. Not surprisingly, following months of promises this is what USI-Tech support are now telling investors.

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.