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.
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.
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.