USI-Tech bail on US and Canadian investors…. again?
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.
In a communication to investors on or about April 2nd, USI-Tech wrote;
We regret to announce that USI-TECH will no longer operate in the US and Canada due to active participants continuously promoting our products and services incorrectly.
With immediate effect we will no longer accept new registrations or purchase of products and services within these jurisdictions.
Back in January USI-Tech cited how affiliates were marketing the opportunity as reason for the shut down.
Three months later it’s the same story.
Obviously the problem isn’t that USI-Tech is a Ponzi scheme, it’s how investors are promoting the Ponzi scheme that’s causing issues with regulators.
Which of course is the same line of thinking that saw USI-Tech confidently declare their BTC Packages weren’t a securities offering.
Didn’t work then, won’t work now.
What I’m not getting is USI-Tech latest announcement seems to be the same as their earlier January one.
The company has previously vowed to repay back investors with newly invested funds, which for some is reportedly going to take decades (new investment tanked when USI-Tech collapsed in January).
That’s a Ponzi promise the company insists it’s keeping;
All active participants within the US and Canada who have purchased our services and products will continue to receive payments in accordance with the terms which accompanied those original purchases, as discussed in our most recent newsletter.
So with nothing really changing since January and investors still screwed, what was the point of USI-Tech’s latest announcement again?
Over the past few weeks several prominent USI-Tech investors have abandoned ship. The most notable of which were James Lockett and Michael Faust of “Digital Tycoons” notoriety.
Courtesy of “The Ponzi Show”, here’s an update on how that’s all playing out;
(Ozedit: see update below)
Update March 30th 2020 – Since publication of this article, Digital Tycoons took down the referenced video with a YouTube copyright claim.
Clips used were clearly fair use, so chalk it up to Digital Tycoons not being above YouTube copyright abuse.