The gulf between USI-Tech management’s narrative and what actually happened continues to widen, following a January 31st news-release issued by the Texas Securities Board.

In the news-release the Securities Board describes USI-Tech as

a secretive, Dubai-based firm promising it could deliver low-risk, triple-digit returns from investments tied to bitcoin mining.

USI-Tech solicited Texas investors through targeted craigslist advertisements, YouTube videos, and standalone websites.

The Securities Board reaffirms that it issued USI-Tech with a cease and desist because

neither the two sales agents named in the order nor the company is registered to sell securities in Texas.

As pointed out by the Securities Board, rather than prove to US regulators it wasn’t just shuffling newly invested funds around to pay existing investors,

within three weeks of the orderĀ USI-Tech announced it would cease sales operations in the U.S. and Canada.

Clarification from the Securities Board is in stark contrast to USI-Tech’s own version of events.

On or around January 25th USI-Tech management claimed the company was working with regulators and on the verge of reopening in the US.

Horst Jicha, one of USI-Tech’s four co-founders, explicitly told investors “USI-Tech never had a problem in the USA”.

The company’s US law firm, Hart David Carson, meanwhile stated it was “actively engaged” with regulators in Texas and

working to identify the principal state-based issue, resolve said issue accordingly, and pursue/attain any and all necessary state-based qualifications and/or licensure.

How strange the Texas Securities Board failed to mention any of that in their news-release.