USI-Tech blames Ponzi non-payment on state of crypto mining
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.Citing unspecified “amendments in the crypto regulations”, a few hours ago USI-Tech informed affiliates;
Firstly, the mining industry has not been very lucrative and profitable for miners the last several months.
Also, some of the amendments in the crypto regulations are not in favor of the miners, making mining more pressing and challenging.
We have exhausted our resourced to stabilize the industry and make mining as rewarding as possible, but these changes restricted us from achieving so.
The only law that governs USI-Tech’s BTC Package Ponzi scheme is securities law – which was introduced back in 1933.
The changes in law USI-Tech are referring to? Who knows…
You could try asking but seeing as this is the first communication investors have received for months, don’t hold your breath on an answer.
With existing investors unpaid since the Texas Securities Division issued USI-Tech with a cease and desist last December, the company advises it will no longer accept new investment (people were still investing?!).
In related news, USI-Tech appears to have ditched the Canadian attorney representing them in Ontario.
Following Texas and a number of Canadian provinces, Ontario issued USI-Tech with a securities fraud cease and desist in February.
The order has since been extended till January 2019. In the meantime, a September 11th order issued by the Ontario Securities Commission reveals
USI Tech Limited has terminated its retainer with Gowling WLG (Canada) LLP.
For the most part, USI-Tech investors appear to have come to terms with having lost their money in a Ponzi scheme.
In response to USI-Tech’s latest communication, an affiliate going by the moniker “Drunk Bob” claims “his boys” recently paid a visit to Ralf Gold’s residence in Manchester, England.
There they discovered a yellow Lamborghini in Gold’s allocated parking spot.
To date there hasn’t been any indication authorities in the UK are investigating USI-Tech.
We became aware of a Washington state investigation back in March, however nothing further has emerged since then.