USI-Tech likely to be permanently prohibited in Ontario after hearing
Seemingly more procedural than anything at this stage, the Ontario Securities Commission is seeking an order that would permanently ban USI-Tech.
The order was requested via a “Statement of Allegations”, filed on December 4th.
Allegations in the statement mirror that of the securities fraud cease and desist Ontario issued USI-Tech back in February.
The cease and desist was followed by a findings on liability held by the AMF, who regulate securities in Quebec.
The AMF Tribunal found that USI-Tech was engaging in an ongoing illegal distribution of securities and unregistered dealing, contrary to sections … of the Quebec Securities Act.
The AMF permanently banned USI-Tech in Quebec in late March.
The Ontario Securities Commission is essentially now seeking a similar order for Ontario.
A hearing has been scheduled although the date has not been made public.
In any event it’s unlikely anyone from USI-Tech will show up to defend the company.
USI-Tech collapsed in January 2018, a few weeks after Texas issued it with its own securities fraud cease and desist.
The Ponzi scheme officially dropped its cryptocurrency mining charade in late October.
Last we heard the principal recipients of USI-Tech investor funds, owners Joao Severino, Horst Jicha and Ralf Gold, were living in luxury apartments and driving around in Lamborghinis.
Beyond issuing cease and desist notices, to date authorities in the US, Europe and Canada have not publicly taken any further action against USI-Tech.
Update 16th January 2019 – As per a January 15th order, the Ontario Securities Commission has permanently banned USI-Tech in relation to securities fraud.
Still playing around with that time machine Oz?
Had to race out the door for a sec.
Never hit publish when you’re in a rush…
Months of zero action followed by a meaningless order…
This is a slap in the face to victims..
Then I should be receiving notification from USI Tech as I am in Ontario. Oh wait …
All I get is sporadic emails regarding their phantom TechCoin.
The thing about the phrase “adding insult to injury” is that insults don’t actually matter next to the injury.
As Oz says, this is procedural, or in layman’s terms, housekeeping. No government anywhere in the world is going to magic up money that you gave to scammers. All they do is sweep up the mess.
Article updated with news of permanent USI-Tech ban in Ontario.