USI-Tech securities fraud emergency cease and desist issued in Texas
The Texas Securities Board see USI-Tech as a “bitcoin promoter” offering an investment opportunity.
Following an internal investigation into USI-Tech and two US promoters, the board presented gathered evidence of securities fraud to the Securities Commissioner.
In an attempt to stop promotion of the USI-Tech Ponzi scheme throughout Texas, the Securities Commissioner issued an emergency cease and desist on December 20th.
The emergency cease and desist targets two US USI-Tech promoters, Clifford Thomas and Michael Rivera (right).
In addition to USI-Tech, Rivera is also promoting the BitConnect Ponzi scheme.
According to the Texas Securities Board, USI-Tech is
an overseas firm that is promising low-risk, triple-digit returns from investments tied to Bitcoin mining.
Neither USI-Tech nor the sales agents, Clifford Thomas of Suitland, Md., and Michael Rivera of Los Angeles, are registered to sell securities in Texas.
The investment also is not registered in Texas.
The common response to this by USI-Tech affiliates is that securities law doesn’t apply to bitcoin investment.
To this end USI-Tech affiliates claim the company’s mining contract investment opportunity is ‘a “certified legal product in the USA per the FTC.”’
According to the Securities Board that’s baloney, and the Securities Commissioner is having none of it.
The Federal Trade Commission, however, has no role in regulating registration of the mining investment as a security in Texas.
The State Securities Board regulates the registration of the mining investment as a security in Texas, the registration of dealers and agents offering and selling the product, and the disclosure of material facts to investors.
Despite claims that USI-Tech’s owners are “transparent”, the Securities Board points out that the company is anything but.
Disclosure violations include:
- Information about the facilities used to mine bitcoins, the costs of mining bitcoins, and whether they have successfully mined bitcoins;
- The terms of the contracts and an explanation of USI-Tech’s “non-exclusive interest” in mining contracts; and
- Information about whether the company’s financial condition is strong enough to provide a 1% daily return.
The Securities Board also calls out USI-Tech’s “deceptive” legal opinion.
Sales agents are attempting to deceive the public by claiming that USI-Tech has a “binding legal opinion” from a law firm stating the company is “a legal business in good standing.”
The emergency cease and desist order identifies Clifford Thomas and Michael Rivera as promoters of USI-Tech’s BTC Packs.
The order identifies USI-Tech’s BTC Packs as a securities offering, requiring both the company and its affiliates to be registered with the Texas Securities Board.
Allegations leveled at USI-Tech, Thomas and Rivera in the order include:
- violations of the Texas Securities Act by offering securities in Texas at a time when the securities are not registered with the Securities Commissioner
- violations of the Texas Securities Act by offering securities for sale in Texas without being registered
- engaging in fraud in connection with the offer for sale of securities
- making offers containing statements that are material misleading or otherwise likely to deceive the public and
- engaging in conduct, act and practicies that threaten immediate and irreparable public harm
The order demands USI-Tech, Thomas and Rivera immediately cease and desist from
- offering for sale any security in Texas until the security is registered with the Securities Commissioner
- acting as securities dealers or agents in Texas until USI-Tech, Thomas and Rivera are registered with the Securities Commissioner
- engaging in any fraud in connection with the offer for sale of any security in Texas
- offering securities in Texas through an offer containing a statement that is materially misleading or otherwise likely to deceive the public
If USI-Tech’s owners, Clifford Thomas and Michael Rivera continue to promote the BTC Pack Ponzi scheme in Texas, they risk a $5000 fine and two year prison sentence.
Being a Ponzi scheme USI-Tech is unlikely to register itself with US securities regulators, as that would mean disclosing it was using newly invested funds to pay off existing investors. What Thomas and Rivera do remains to be seen.
At this point I’d say it’s only a matter of time before the SEC takes on USI-Tech at a federal level, effectively ending promotion of the Ponzi scheme across the US for good.
This will likely result in USI-Tech collapse, as the US is by far the company’s largest source of investment revenue.
Update 6th January 2017 – Rather than comply with US securities regulations and provide evidence of external ROI revenue, USI-Tech has instead chosen to abandon operations in both the US and Canada.
(tap, tap, tap)
Paging “Jc” and “Brad” – Would your egos care to comment?
I am so happy right now! lol, Wheres JC???
QUESTION for Oz . . . when the proverbial “s**t hits the fan” (and it’s starting to!!!) and the USI-Tech Ponzi Scheme gets shut down by the various authorities in the various countries, will those authorities go after the company’s Top Earners and make them pay back what they earned?
I ask because I know of a fellow in USI-Tech who claims to have earned $15+ million with the Ponzi Scheme (he got in very early), and who also claims to have withdrawn $3+ million of (which he claims to have “stashed away” for when the company is shut down).
Thanks for all ya’ll do at this site.
Since Zeek Rewards appointed Receivers and Trustees have gone after top investors (net-winners).
In TelexFree the SEC named top investors are defendants in their lawsuit (on top of the Trustee’s own recovery efforts).
This suggests the same will also happen with USI-Tech at some point but we’ll have to wait and see. Thanks for the support!
Im pretty sure Quebec and Ontario are soon. They emailed me back but didnt want to “investigation” mired with me posting anything.
But New Brunswick is in the process of drafting their statement. I still hope apple takes their app off the app store too.
Frank Calabro Jr should have learned from Zeek Rewards that the money he steals from others isn’t his to keep. He’s claiming to be a USI-Tech millionaire.
Can’t wait for the Traffic Monsoon, My Advertising Pays and USI-Tech clawbacks to begin.
The process of the regulators is to regulate, in these cases, it is to shut down the activity by any means and ask questions later.
They go after the soft targets first (promoters) which creates the fainting goat syndrome amongst fringe members but hardcore deniers will fight to the end or have already prepared to move on.
There is no dodging this bullet, the USI-Tech model was a total Red Flag flapping in the face of authorities and a lot of the BIG Money earners know it. They have been expecting it and i suspect already plans are afoot to find other deals if not they are already in them.
The USI-Tech program is a HYIP in drag just like 4950 similar programs according to BadBitcoin.org
As Kevin Thompson said MLM and cryptocurrencies really don’t mesh, the models are incompatible when it comes to the compensation plans.
Mining contracts can be purchased by individuals directly, so it would be difficult for an MLM to slide in between the market and supplier as the middleman, as it would like selling Gold coins and we all know how they go.
The blockchain offers such a wide scope for innovation, which is currently showing the Ponzi brigade to be way-way behind the smart train at this point in time, with their totally boring BS 1% a day deals.
The more responsible and less popular programs are offering signals, ICO and coin watch packages, no 15 deals to be seen anywhere and by the way, they are earning good money and can sleep at night.
The dollar down hope it lasts 1% a day deals are shyt and the people that go into them, for the most part, don’t know or don’t care.
The problem is that for those of us that know better when we try to tell people what, what, brands you a troll and a hater.
Having said that Ponzi programs like the lottery give people the opportunity to fulfill, their hopes, wants, desires, dreams, and needs. I for one am not going to get in the way of peoples dreams. Albeit nightmares for some.
in an interview on dec 16th, 2017, usi tech CEO horst jicha said working in the US was very ‘difficult’.
he said the company was safe as it was registered in dubai, but it was the US affiliates that he was worried about.
despite his bleeding heart concern for US affiliates he didn’t register usi tech with the SEC, because the rascal is running a ponzi scheme.
IMO, this is the end of usi tech in the US. IIRC onecoin stopped officially working in the US, even before a regulatory warning against them, as they probably smelled it in the air.
usi tech will probably take their ponzi to europe, south america asia and africa under the pretext that the US is just not conducive to business.
the warnings from various nations will keep building up and usi tech will start tanking, proceeding to a slow death with various ‘promises’ dangled at various intervals to push it all for a little longer.
^^we just saw all this with onecoin. now we have to sit and watch it all play out Again! talk about B-o-r-i-n-g.
jicha is going to release his shiny new personal techcoin ‘whitepaper’ any time now. with ROI on BTC packs drying out, i guess they’ll switch to pushing techcoin packs now.
Not sure if this will play out the same as OneCoin.
OneCoin was never prominent in the US beyond Tom McMurrain and a few other nobodies (Sal Leto etc.).
USI-Tech depends on and needs to continue US promotion otherwise they’re going to have all sorts of problems with ROI revenue.
People are already arguing with me saying its only against the two promoters and its not a condemnation of USI-TECH as a whole.
I just cant believe the lengths these guys go. The worst part is the guys name was Richard L. Turner lol! WTF? why’d he have almost my name?
The order applies to USI-Tech Limited and the two named affiliates. All three are named respondents.
They are “bargaining”. It’s a part of the Ross-Kubler 5 phases of grief. First it’s denial (no it didn’t happen), then bargain (it happened, but only in lesser extent), and so on and so forth.
Horsch, Mike and Ralf have issued a media statement -not.
The evidence to prove heaps of ROI is coming soon. Evan Ahearn is filling the delivery tube with a lot of hot air and it will be pumped all the way from Iceland to the USA.
usi tech is registered in ras al khaimah in the UAE, and has a ‘virtual office’ in a dubai hotel, under a service provider called First Business Center.
a top recruiter of usi tech called james, who runs the ‘global turbo team’, published a video of his visit to this virtual office in dubai around nov 14, 2017.
he claims he was not allowed to film inside the office because the staff at the first business center didn’t want that type of ‘publicity’ and were ‘overwhelmed’ by enquiries about usi tech and had taken up the matter with usi tech.
so, we have only james claim that the first business center still provides services to usi tech, as they didn’t say it on record. it seems to me like he was not very welcome there.
james claims he was not surprised that usi tech didn’t really have a physical office in dubai, as he had spoken to the owners and already knew it was a rented virtual office. so why the heck did he bother visiting it? he wasn’t even allowed to film it or get anything on record!
so james was then uh, sneaking around the corridors trying to give a glimpse of this rented virtual office of usi tech and sheepishly making excuses for why usi tech doesn’t need a physical office and how this was not a reason to ‘panic’!
the usi tech website says:
some headquarters that! no office, no staff, a rented service provider who cannot be shown online to the 600,000 affiliates of the business. where a top affiliate has to sneak around the corridors making excuses for why they wouldn’t let him film or go on record about usi tech being their client!
so, affiliates of usi tech in the US and everywhere who have lost money, please don’t go flying off to dubai looking for their ‘headquarters’. it’s a virtual rented office and you’ll get kicked out!
This website is Evan Ahern cryptocoinbuilder.com Has a phone number on there too.
Look at Nevada business search nvsos.gov/SOSEntitySearch/CorpDetails.aspx?lx8nvq=oIccCV8pLLAVzq3tyqLyrg%253d%253d
I bet Evan Ahern was scamming USI. Selling them pipe dreams on breakthrough mining.
Business search is very interesting.
well ahem, conversations on FB are getting interesting with a few shell shocked usi tech affiliates venturing out with weak excuses like – ‘it’s just one state texas’ and ‘it’s just two affiliates who are in trouble’ and best of all – ‘it’s fake news!’
horst jicha, ralf gold, mike keifer should just fly into the US now and hold a recruitment ponzi meeting in ANY US state! it’s a Dare!
and if it’s only two affiliates who are in trouble, then they should attend this meeting in houston, texas, on the 21st of dec, 2017:
it’s a Dare!
and the people calling it ‘fake news’ should visit the website of the texas state securities board, and try not to be complete idiots in public.
Ralf and Horst are running the show from EU. Dubai is a red herring.
Wonder where that US attorney Hart is?
and wonder where that US billionaire investor/inventor evan ahern is?
i think he’ll be hiding behind his free energy magnet magic machine for a while now?
orrrrr… he could be on his way to elon musk and tesla…. i wont sell my free energy machine to usi tech anymore! 🙁 musk can have it instead, to do silly things like sending man to mars!
uh, i know where US serial ponzi scammer rodney burton of usi tech is!
he’s in london having a christmas party with usi tech co founder mike keifer and other top scum, and saying things like – we’ve done in the haters because we’re going to be sooo transparent and sooo great in 2018!
and he’s using the money he stole from usi tech affiliates to buy prada and louis vuitton stuff in london. and showing off about it.
but hey rodney, what’s a christmas party without a christmas present? :
there you go dahling, have fun! 🙂
That’s Rodney “dreadlocks hide me going bald right?” Burton from uToken? *groan*
Hopefully the SEC cast their net far and wide when the time comes.
yup. same old dog same old tricks.
alarm bells ringing and US usi tech rats fleeing already:
facebook, a few mins ago:
fire on the mountain, run run run!
So the guy is trying to bring his downline into a new scheme? Did I read that right?
Of course. And what a shocker that is, LOL.
The address shown on Mr. Ahern’s listing with the Nevada Secretary of State (bit.ly/cryptobuilder-sos) is for a strip mall.
It looks like his office is a UPS Store: bit.ly/ahern-address.
Nothing wrong with that. Lots of businesses do that. Still, I would have expected more from a multigazillionaire who owns 50 companies.
700,000 affiliates now apparently according to this video of Mike Kiefer and Rodney Burton in London, it’s a good laugh too…
Wow, that’s so much Sann Rodriguez channeling when he ran around TelexFree’s virtual office in Massachusetts speaking Portuguese with a camera crew that nobody challenged him.
I’m a bit confused.
1. Why are people happy about other people losing money?
2. It actually looks to me like the affiliates were just ‘very naughty boys’ (and not the messiah) and made claims that they shouldn’t have.
So why is everyone so … erm … dunno what the word is – but happy about this issue it has ?
Perhaps a statement from Evan Ahern here would be helpful? Otherwise, people could call the HR department of Ahern Rentals a public company:
But geez, that’s gonna be a lot of calls clogging up the line.
I asked the question earlier here, but I don’t think anyone responded. Has it been confirmed this fellow is involved? Or perhaps his identity is just stolen and he’s a victim? IDK I’ve only seen photos of him on videos related to USI. Anyone actually seen him live and promoting it?
“If” he has knowingly entered into business with these scammers, I’d say his company deserves the phone calls. If there’s no association, I’m sure Oz would be happy to remove this post and number.
The biggest reason this is a ponzi scheme is because they are not getting any of the money that is being earned.
They are the greedy elite that don’t want people to have an easy way to earn a living.
I have a question about MIKE KIEFER. Is that the same “Mike Kiefer” from the WCM/Vizinova-scam?
All the ponzi puppets ACTUALLY think that the TOS for USI-TECH is more valid than STATE LAW!!! Like WTF? I almost feel sorry for these people.
The cease and desist claims both the affiliates were offering unregistered securities and that USI-Tech’s BTC Pack offering itself is an unregistered security.
This can’t be palmed off as “ah well, it’s the affiliate investors’ problem”. US regulation doesn’t work like that.
Since TelexFree both Ponzi scams and their promoters are held accountable.
False. The only reason USI-Tech is a Ponzi scheme is because they use newly invested funds to pay off existing investors.
Ridiculous. Can’t anyone join USI and enjoy the returns? No need to be jealous of something everyone can have.
The scammers are really messing with your brain. Stop and think about it.
Yes same guy.
“Billionaires” don’t run LLC’s from ups stores. They run them from their lawyers office.
See about 6 Ahern llcs registered at that ups store. Billionaire hahahaha.
FYI, Evan Ahern is on public record as making only $300K a year, lol
“Billionaire” with Dr. Evil fingers
evan ahern attended the london event of usi tech in oct 2017, where they announced their free energy stuff and other grandiose plans.
check from around the 7:00 min mark in this video:
evan ahern was at the london event talking about his new free energy tech and AI. he’s standing in front of a screen shot about AI.
IIRC affiliates who attended that event had also commented about him being there on FB.
i wrote to ahern rentals asking for a clarification but have not received any response.
in a dec 16, 2017 interview, horst jicha said he was talking to evan ahern all the time, and that ahern was very busy working on the new mining farm usi tech is planning to set up. he said ahern had just bought two gas turbines for this purpose.
gas turbines or hot air turbines? 😉
Well, James on YouTube says the STATE of Texas can’t tell a worldwide company what to do! Especially a Company as wealthy and powerful As USI-TECH!
Just because a couple of cow-pokes in suits say it is so.. doesn’t make it true!
LOL..”Everyone just take a deep breath, this is just a discussion on how to regulate CryptoCurrency..”- USI “James” TECH
usi tech affiliates who are in denial are trying to spin alternate facts to explain the situation they’re caught in, and it’s hilarious.
according to an affiliate tara brew of texas, the texan securities board is just ‘posturing’, because they want to ‘negotiate’ with usi tech, as the company is such a money spinner for the state. and this ‘negotiation’ will make usi tech all squeaky clean and legal the world over!
tara dear tara, the only way texas will let usi tech off the hook, is if horst jicha provides third party audited accounts, explaining the generation of every penny paid out as ROI against the BTC packs from trading and mining. that wont happen. so stop misguiding your downlines with your deranged explanations:
Uh, the cease and desist clearly states the problem is USI-Tech is illegally offering unregistered securities in Texas.
Cryptocurrency regulation is a red herring.
Getting some major Zeek Rewards North Carolina AG and TelexFree Steve Labriola flashbacks.
Labriola claimed regulatory investigations into TelexFree were “the greatest thing”. Also check out comment #1 of the linked Zeek article above.
I get there’s a boatload of naive dumbasses who have first-time invested in USI-Tech (YouTube “excited face and mouth so wide open you could fit thirty dicks in there” crowd, I’m looking at you), but this is pretty much just history repeating itself.
Love to know whether the Admins of the secret FB groups are allowing all the WTF is going on queries from the suckers, I mean investors, to be posted.
How do you know it’s a scam. Not one official word from the Fab 4 who are bunkered down planning their exit, change of identies and new place of living.
The suckered affiliates should pay bikie groups a few cases of beer and make sure they learn their lesson once and for all
yet despite all of these warnings king pimp of scams ken russo is still declaring this to be the best investment ever. what a crock!
Here are a couple of self-proclaimed crypto millionaires. Justin Verregnia and Mike Hobbs. A three-hour webinar talking about their 7-Figure Business Plan for 2018.
The numbers they claim here are just unreal. quickwealthsystem.com/2018-biz-plan/?id=jverrengia
About 2 minutes in, Justin mentions a member of the New York Yankees has invested over $300,000 with USI-Tech. I guess that legitimizes it.
Now I’ve heard it all. Justin has a member of the New York Yankees who’s invested over $300,000 in his downline.
just heard the nonsense from james on you tube.
he’s using diversionary derail tactics by claiming the texas securities board cease and desist order has anything to do with cryptocurrency regulation
the securities board has asked usi tech to stop operations *mainly* for:
– selling unregistered securities
– for not disclosing the source and accounting of the ROI they pay on investments
– deceptive statements
james waffles on about whether usi tech is offering an ‘investment’ at all, as this is a word affiliates are not supposed to use, but here’s your own CEO horst jicha calling usi tech an ‘investment’ company, ‘financial’ company. check around the 43:30 mark in this video:
james also questions the motives of the texas regulators and whether they’re trying to make a ‘name’ for themselves with this action and whether a court will uphold this order.
well, usi tech has 31 days from the date of service of this order, to ask for this order to be set aside or modified and state the reasons for their request, and demand a hearing from the securities commissioner. if usi tech don’t ask for a hearing within 31 days the order will be final and non appealable.
so, where’s that Hart law firm? will they be stepping up or will usi tech hire new lawyers… or will they just disappear from texas and the US?
imagine rocking up to the securities commissioner and saying – look! we’ve got 9 million on the ethereum blockchain and that explains our ROI. so shaddap!
here’s a list of a few top usi tech scammers, cobbled together by the FB page ‘usi tech scampage’, with a humorous twist:
Mark (the gobshite) Ghobril
Rahim (please give me your money, my mum has Alzheimer’s) Elam
Gary (the not so) Strong
Frank Collabro (Short Legs) Jr
Sharon Parker (Ponzi) James
James (the rocket) Lockett
Ryan (I love dildos) Miller
Ryan (My mom dropped me on my head at birth) Thompson
^^ lock them up!!
yes guys, this is fun 🙂
Is there not a mini market crash right now??? Bitcoin at 13,000 LOL is that USI-TECH related??
Funny you should ask that Dickie. There’s so many ponzi scams wrapped up with bitcoin and other cryptos that surely the bitcoin value will be affected as more of these scams are exposed.
Wouldn’t surprise me if bitcoin loses all confidence with most investors and they stay away from it.
Thats what i was thinking too. The sheer pace of all the ponzi clones, especially with USI-TECH… and all the bad news… a perfect shit storm.
LOL if it crashes further how’s usi tech going to pay ROI, as it’s ‘trading/mining’ funds just got depleted by about 25% ?[assuming that it does any trading/mining worth mentioning in the first place]
hmm, maybe they’ll use this bitcoin ‘crash’ as an excuse to stop BTC packages and sell their imaginary techcoin instead, from now onwards ? and avoid selling techcoin in the US?
some are saying that trading in a bitcoin fork called bitcoin-cash has caused a bitcoin selloff and the crash, maybe usi tech will use the techcoin ‘fork’ to let their BTC pack crash? 😉
Because they’re crooks.
There was a scientific study recently which showed that humans gain pleasure from watching something bad happen to someone who has done something wrong at around age six.
In other words, the desire to see the guilty punished, and the borderline sadistic pleasure from watching it happen, is hardwired into our brains.
BehindMLM is where some of us scratch that itch.
I think we should target all the big promoters. Any loser on youtube whos bragging about his massive down line. If you know what state their in, report them.
All the ponzi puppets are so shocked like a government has never ever enforced a securities law before lol.
Within one day after the cease and desist order was published, the number of tokens sold rose from 95,000,000 to 140,000,000.
This a bullrun for Usi-tech and no cease and desist order seems to slow it down.
These are tokens mostly given out with BTC Pack reinvestment?
Yeah… all you’re seeing there is reinvestment of monopoly money, which in a Ponzi scheme increases exponentially over time.
As far as financials go, free token giveaways are a useless metric.
Bull run? More like a bullshit run after reading some of the posts on Facebook.
I doubt the verity of the token tracker. It could well be a smokescreen to persuade affiliates that everything is still blowin’ and goin’.
It’s easy to add a few million to the numbers they show in an unaudited tracker.
The amount of tokens sold doubled in a few days after taking since release to reach 70,000,000. Very few are buying and people are starting to panic now with everything that is going wrong, especially about not being able to withdraw money, but also the cease and desist stuff.
No way are people either buying the token packs or buying enough btc packs for the number of tokens to have risen that much.
They are trying to entice people to buy bigger packs of tokens as you get bonus tokens when the amount ‘sold’ reaches a certain level and the bigger the pack you buy the more bonus tokens you get.
Although Frank Calabro Jr bought another 121 btc packs 12 hours ago for 0.5 bitcoin, this was reported by him. A big player paying that much into a Ponzi when it’s on the verge of collapse is very hard to believe.
I think they are just doing everything they can at the moment to try and trick people into putting more money in to make it last just a little longer.
Making out that tokens are selling fast and that big players have so much faith in USI that they are still putting their own money into it.
They seem really desperate. My personal opinion is that the big players especially have been caught unaware and didn’t think that things would start to collapse this quickly.
While the big players have made plenty of money scamming others, I think they thought they had some more time to scam more money.
I’m not seeing anyone at all reporting successful withdrawals and it’s been like that for days.
The sudden spike in token purchases was due to the fact that the first bonus is given once the volume reaches 120,000,000.
Management will not be stupid to start giving away bonuses just to “pad the volume of tokens sold”.
The tokens are just numbers on a screen, they don’t exist, you pay for a token pack and will get told you’ve got a certain number of tokens, but it’s just a number on a screen. They are worthless and aren’t something that exists.
If USI gifted me 150,000,000 tokens i’d have nothing, they have no monetary value whatsoever. No resale value and will never be worth anything.
You also can’t sell them and withdraw the money. You can’t do anything with them. They will get turned into techcoins when USI release their own cryptocurrency and will then be worth billions according to USI.
If someone gets 50,000 tokens as a bonus they have no value, they cannot cash them out.
They must be close to releasing the whitepaper. Like the proof of crypto trading, it will either be coming soon or a double sided blank page
(Ozedit: Offtopic derail attempts removed)
This video clearly destroys your USI Tech position – Do you have enough unbiased integrity to post this? I doubt it, but here it is: youtube.com/watch?v=E470LQbDlwg&feature=youtu.be
Interesting. The website for the law firm that purportedly represents USI, hartdavidcarson.com,has been down for a while. I wonder if they’re having technical difficulties or if they are scrubbing it for any reference to USI tech…
I just went to check the page this morning and it’s gone. So disappointed, hopefully it’s back soon! It was doing a great job at sharing all the scammy details.
@Paul, how exactly does your video “destroy” Oz’s USI “position”?
The speaker in that video is either an idiot or is hoping his downline are. Or both.
He pretends the Texas cease and desist is only against the two named promoters while completely ignoring that there are three named defendants and one of them is USI Tech Limited. Hell of an omission don’t you think?
@3:50 the speaker claims USI is NOT an unregistered security but the only evidence he provides is the same sort of psudo compliance double speak that has failed for Zeek Rewards, TeleFree and basically every program that ever tried to use it. Sorry, too many failed rodeos for that bronc to buck.
The speaker goes on to use a false legal assessment as an excuse for USI not making their financial information public, that doing so would make them somehow illegal. He claims their lawyers told them that. I don’t know who he’s being more insulting to except anyone stupid enough to believe him.
Here are the tea leaves for you to read Paul, USI has 30 days to respond to the state of Texas. If they fail to do so it will mean they know they didn’t stand a chance of defending themselves so didn’t even bother to try.
did you watch the entire video?
Hardly, just another Ponzi promoter trotting out the same excuses and explanations we’ve seen for years.
The guy (guessing this is a repost and his name is not Colin Muhammad?) fails basic English.
The order defines USI-Tech as a “promoter of bitcoin”. He runs with this and turns it into “the order only applies to the two named affiliates”.
This is incorrect, the affiliates and USI-Tech Limited as named respondents in the cease and desist. USI-Tech stand accused of offering unregistered securities as an entity, on top of the accusations aimed at the top named promoters.
I stopped watching after that [3:39] mins in. Waste of my time.
If there’s any points you want me to refute feel free to publish them, but I’m not sitting through some YT dumbass’ 18 min video when he can’t even comprehend who the C&D is addressed to.
That video is made by the same guy who did the video with his buddy – scammer Justin Verrengia. Justin has been involved with numerous scams and this one is obviously no different.
So what you are saying is you trust guys with a proven scamming history over Oz who has a 100% success rate at exposing them.
Are you stupid or something?
(Ozedit: If there’s any specific points you want me to refute feel free to publish them. Offtopic derail attempts removed.)
Point i’m trying to make is the Texas subpoena/security letter etc is simply against 2 people promoting AGAINST usi tech T&C’s…
USI Tech is and has been prepared for something like this…so while it’s early, we will certainly know soon enough the outcome
Instead of wasting my time, go and read the C&D yourself. At the top you’ll see it’s clearly addressed to both USI-Tech and the two affiliates.
You’ll also note USI-Tech is a named respondent and referred to as an individual entity throughout the C&D notice.
Last time I’m going to say this, the Texas C&D names both USI-Tech Limited and the two affiliates as respondents. Stop ignoring the facts.
You’re not going to get much of a US securities law education watching Ponzi pimp YouTube videos son.
@Paul, you better go and get a job asap because you’re ponzi scam will be gone soon!
The Bad list,
Its a pooled investment, people send money to the company.
It offers a fixed ROI.
It offers ROI as well as network commissions.
People use enticements with income proofs.
They promise future benefits /profits.
Not registered with any appropriate government agency.
Promoters are not registered.
Does not offer a PDS (product disclosure statement).
This is only the tip but this is what all the top promoters are happy to ignore for the sake of a quick buck at other peoples expense.
There really needs to be a definitive list so all these lemmings can be shown what is what and then all this ridiculous denying can be slapped.
The worst of ti comes from the promoters like found at “usi tech scampage” on facebook. These are the retards that convince everyone to spend their money on these doomed from day one programs.
as Kasey Chang put it they are currently going through the 7 stages of grief. Presently in denial stage.
Here come lovely Manitoba to the party!!!!
You should have hung in there for some enlightenment Oz.
A mere 71 seconds later, you would have learned that USI has an “SEC lawyer” and his name is Hart David.
Personally, I thought that was the name of the law firm, silly me. And he’s apparently an SEC lawyer to boot. Woohoo.
I’m going through the video slowly so I can soak in all the gloriously accurate info. 😉
Lol four provinces in Canada now have issued alerts. Please, definitely go through that video real real slow for us. And hopefully you’ll learn something.
Reading comprehension isn’t his strong suit either. His analysis of the C&D is cringeworthy.
The guy’s name is Mike Hobbs and he’s no stranger to scams, having been with classics like Global Resorts Network and Empower Network among others.
I’m confused who’s in what side with the sarcasm. Sorry if I sent any pointed remarks to anyone who didn’t deserve it.
oh, they can comprehend just fine, they’re just spinning it to their sheeple who apparently cant read the simple C&D themselves.
usi tech is in damage control mode and these orders to spin the facts seem to have come from top down, as the top rung scammers like sharon james, john smith, rodney burton are all singing the same tune:
– it’s only about two affiliates
– don’t listen to ‘haters’ [eg: behindmlm] as they’re just jealous
– texas wants to fine usi tech because it’s a Big Strong company and a Leader in the crypto field. this C&D is just ‘business politics’.
anybody with two buzzing nuerons can decipher that the C&D addresses USI Tech along with two affiliates.
meanwhile, this guy in texas hasn’t got the memo yet:
and whatdoyouknow? rodney burton, top US usi tech affiliate, who was in london celebrating christmas with co-founder mike keifer had a strange experience at the US airport:
there’s plenty of bitcoin buyers and traders in the US i think, and customs wont be harassing all of them? if you’re in a bitcoin ponzi scheme on the other hand….
so, for how long will burton promote usi tech from within the US? i think an excuse train may be on its way!
Thanks for the heads up!
in november 2017, usi tech introduced it’s ‘techcoin package’ separate from the BTC packages.
a la onecoin they are going to have their own internal exchange to cash out their ponzi techcoin points, and are promising to make everyone a millionaire when they go on public exchange.
they are going to ‘mine’ this techcoin using the free energy bullshit science soup they have been spooning to affiliates.
and oh, they want fresh cash for these packages, don’t go around thinking you can use your backoffice fake ROI [from BTC packs] to buy the techcoin tokens:
conversation 1 day ago on youtube:
so, the backoffice earnings and compounding is just useless numbers on the screen, usi tech won’t accept them as payment because they’re worthless. get, usi tech affiliates?
Now the USI affiliates are creating you tube videos, saying this will present USI with the opportunity to show real leadership on behalf of the industry in negotiations with the Texas authorities.
No Mike Klingler, all USI has to do is provide certified accounts to the authorities but as we both know thats impossible to achieve.
I sent an email to USI (firstname.lastname@example.org) to confirm that the two named violators had been terminated, pursuant to their recent statement.
The email came back marked as undeliverable because the “email address could not be found”.
Could it be because they are now using usitech-int.com instead of usi-tech.info for their site? They may have set all of their emails to that instead.
Or more likely just blocked the compliance email because compliance isn’t something they are concerned about.
This is the message in the back office. Perhaps we can help USI become more compliant by following their suggestion – send an email to email@example.com along with a screen shot of the offending text.
The problem is that as of this morning that email doesn’t work, so send it to firstname.lastname@example.org AND email@example.com with “COMPLIANCE VIOLATION” in the subject line.
This is absolutely HILARIOUS! Enjoy: NOLINK://youtu.be/cldL8WCVHLY
I have been watching this unfold for the last two months. How sheeples herd to the “sheperds” never ceases to amaze me.
I am a practicing SEC attorney for over 30 years and sat back in amazement how this was not being crushed by the SEC. It has started.
How the affilates “spun” the legal opinion was beyong description. A paint spill became a Picasso.
The website of lawfirm (HDC) is now pulled down and they have failed to return my calls for over two weeks. The answering service now answers Hart & David so I guess Carlson has already jumped ship.
I am also investigating getting various state Bars to pursue the “affiliates” who have gone on line and “interpreted” the recent Texas C&D order.
IMO they are all practicing law without a license in the respective states.
The arrogance and hubris of the founders, promoters and top affiliates is shameful. James how you sleep at night strains even a creative imagination.
The fact that these same groups of scammers are able to put keep putting lipstick on pigs that are then able to convince people to “invest” is a sad testament to the greed and gullibility of the masses.
PLEASE PEOPLE DO NOT FALL FOR THE LIES AND FRAUD THAT IS BEING PERPETRATED BY THESE SHAMELESS FOUNDERS AND PROMOTERS!
@CapmKirk, good to have you here! I hope you are right about “It has started”. I hope it doesn’t just stop and these asshole scammers are allowed to continue on.
I hope the SEC comes in with all the power they have to shut this scam down and to also go after all the major pimps!
in an interview on FB live yesterday, mike keifer finally crawled out of his rathole to say that the two affiliates in texas had not stuck to the T&C’s of usi tech and had been ‘suspended’.
he said it was ‘sad’ that usi tech had also been mentioned in the texas order but that it was a ‘minor problem’ and the lawyers will solve the issue post christmas. he wouldn’t mention the lawyers name of course, because they probably don’t have one. he was very shifty and did not comment about the status of usi tech in the US after this C&D from texas.
but, an event which was to held in hawai, usa, sometime over the next few weeks has been shifted to the dominican republic.
the interview covered the texas problem and BTC packs only in passing, it was mostly a pitch for the techcoin which seems to their core ponzi product for 2018.
they will release their whitepaper and personal exchange first and the blockchain will come last, at the end of 2018. [smart move! this way, no one can call out their fake blockchain like the one onecoin had!]
IMO, by the end of 2018 they’ll be ready to collapse if not before, and people will be left holding worthless techcoins and only a few would have been able to cash out some ponzi points via their personal exchange.
i mean, onecoin just ran this whole^^ farce and usi tech think they can do the same shit again? this whole techcoin scam will not have the shelf life that onecoin had as the ‘pioneer’ of this modus operandi.
and btw, usi tech will probably be building it’s own mining facilities in a ‘bunker’ in the swizz mountains sometime in 2018.
so affiliates who want to visit, better start buying up some heavy winter wear and take some climbing lessons. and rope, buy lots of rope to hang yourselves with.
Only morons would buy the Tech coin after all the warnings that have been posted against USI Tech. Just send me the money
Michael Crypto and the man who received the cease and desist order in Texas are 2 different people. I … YT Michael Crypto do not promote USI Tech and did not receive that order.
I noticed you took a photo of me wearing a hat and glasses that could disguise as Mike Rivera.
Please retract your article about the youtubber Michael Crypto he is not Mike Rivera.
Please do more research before you write things, your online news forum will be much more professional. Peace MC
I can’t see how the techcoins will work. There are going to be 500 millions of them. 160 million or thereabouts have already gone, with some of those I believe to have been artificially inflated by USI to get to the first bonus so that the victims believe more people are investing than actually are.
With lots of tokens being given for free every time a bonus level is hit, I can’t see how it’s going to be enough cash coming in to keep them going.
I have only seen two posts about people wanting to buy techcoins, one was talking about how someone was going to be part of a group all going in together and another was talking about getting one of the smallest packages.
I think given that tokens have already been given away that victims believe that when they are turned into techcoins they will be as popular and worth as much as bitcoin so getting thousands isn’t necessary as they will already be millionaires from the techcoin tokens they already hold.
A great number of victims also seem very hesitant to put more money into USI as withdrawals are not going through, there is a definite feeling of unease. The cease and desist has really shaken things up, with a few people worried that USI will cease trading in the US.
They recently ceased trading in the UAE and none of those who had their accounts closed have had their money back yet as far as I know.
That said all these people have been stupid enough to put their money into a Ponzi so who knows what will happen.
I just heard that ipronetwork is gonna do an usi-tech 1% scheme now too!!?? Everyone ponzi that dies , two more pop up. What a shit show.
Thanks for contributing to the discussion. Are you just watching USI-TECH, or are you also watching many of the other fake crypto-currency programs as well?
I would like to connect with you via email. If you are interested in doing so, go to: NOLINK://eagleresearchassociates.org and use our contact us link. Thanks for considering my request.
@CapmKirk. Wondering why you think the SEC has been so slow to act, whether now that Texas has acted will more states join the party and whether the SEC are too busy on other stuff. Your comments are appreciated.
Not so much disguise as look similar enough. Evidently there’s too many scammers named Michael in the MLM crypto space.
Nonetheless I’m satisfied you’re two different people, so apologies for the confusion.
I see you’ve also since removed your USI-Tech scamming videos. Pity you’re still trying to scam people through BitConnect and all the other Ponzis you promote on Michael Crypto.
We all know how hard is to prove that this is a ponzi. There is no real evidence we could use to convince the USI cult followers to run away and stop “investing” in it.
I have been looking at this from the different angle. I look at math to present why this business can’t last forever. I would like to know your opinion ot this.
We all know that there is limit of 21 mln BTC that could be ever produced. Currently there is 16,763,700 BTC in circulation. Next halving is in 895 days. Total Bitcoins left to mine until next blockhalf: 1,611,300. (source bitcoinblockhalf.com/)
Lets take how many Bitcoins can be mined per day: which is 1800 BTC. (Inflation 4% – we are not going to use it for simplicity) USI claims to have (or to will have) 2.5% of global Bitcoin mining which would give around 45 BTC per day.
Now. Lets go back to USI and what’s they are promising.
Current price of the BTC package is : 0.00391 BTC
When I have started back in August the package price was 0.01716 BTC (4.3 times higher than now).
Since August im withdrawing the BTC when I realized that this might be a scam. Until now I have withdrawn 87%. Still long way to reach promised 140% . (I haven’t reinvested)
Now lets do some math:
In August if I had invested 10k , which was around 3 BTC it would have given me around 175 packages. Today 10k would be worth around 0.65 BTC which would have given me 166 packages however using BTC value it would have given me 767 packages (wow).
The funny thig starts when we start reinvesting this. I have used the USI tech package calculator to demonstrate this (btc-packages.com/usi-tech/english/calculator.php) the calculator uses only the current prove of the package which cannot be changed (0.004) to cover all the users lets assume everyone has invested 1 Bitcoin (250 packages) whether it was in May, August or now (we should have not use the Dollars or Euro as we know that USI pays in BTC)
After 1 year we have 4.78519 BTC (use has created for us 4 fresh Bitcoins, from the thin air).
Curranty we have around 740.000 registered users. Lets say only 500.000 active. 500.000 times 3.78519 BTC gives us 1892595. Almost 2 mln Bitcoins within one year. Awesome.
How come ist that possible, we know that until next block half total mined Bitcoin will be only 1.611.300.
Lets move further. lets reinvest the BTC for 3 years LOL. This gives us around 66 bitcoin ROI per user (Remember we have invested 1BTC at the beginning). That will gives us total. wait a minute … 33 mln Bitcoin. WOW more than even Satosi predicted.
This company is awesome. Can produce more Bitcoin that will ever exist LOL.
PS. for simplicity I havent included the referral bonus in this calculation. the other thing is that to cover ROI for the users who have invested in August, USI needs to generate 4 times more Bitcoins from the current users.
Even if they invest in arbitrage and mining this would never be covered. thats why the awesome TechCoin is Coming to game 😉
@Aarks001- It’easy to prove this is a scam. The owners are liars and been involved in previous scams and they can’t provide certified accounts.
If your business was on the line you would be rushing to one of the global accounting firms to certify your accounts. Even their US attorney is in hiding.
TOTAL number of bitcoins is 21 million or so, as defined by Satoshi’s specs. We’re already at 16.7 million mined. Total bitcoins can be mined a year is under 1 million (as of 2017)
Baseball players are NEVER wrong about investment decisions. LOL
The website for USI’s attorneys, hartdavidcarson.com, has been down for the last three days.
Almost like they vanished. Or are hiding. Or never existed.
Most mining earnings comes from transaction fees not the new bitcoin that is created from mining.
Your assumptions are off. The payments wouldn’t be from created bitcoin it would come from existing bitcoin earned in transaction fees. Assuming it’s not a ponzi.
That’s not to say USI is a ponzi or not. Just that your reasoning is wrong.
1. Yes, you`re right. I forgot about transactions fees. I havent included the mining difficulty and inflation either. My intention was to show that USI need more than 21 mln Bitcoins to cover everyone`s ROI. I guess transactions fees are coming from the circulating supply, correctly if im wrong.
2. I guess it would be easy for the authorities to prove its a scam (If SEC will be involved), however you dont know how hard is to convince normal people to leave this scammers.
They think that USI is changing their lifes, they see nice numbers in their backoffice and thinking about paying off the debt and new houses, cars and mln dollars on their accounts etc.
I guess, even the SEC close this swamp their will blame government and the whole crypto market. it discuss me how they are playing on the people emotions.
Lets me shorten this for you,
ROI + MLM Plan = Bad.
Famous quote from Oz.
Or ROI + MLM = A Security The SEC
Hi OZ – thank you for clearing that up – the name and logo michael crypto is trademarked.
Those were old videos I deleted, oversights and yes I did delete them peace and thanks.
Thank you for your work and please prove to me that Bitconnect is anything less than legitimate exchange and trading vehicle?
I have spent countless hours doing the math on the exchange and watching people trade BCC coin looking at the fees and the price of the coin seeing hundreds of millions being generated a week, enough for lending payouts.
I also understand auto bots having worked as a trader, advisor as well as seasoned forex trader I know the algorithms used to execute a buy sell trade – moving millions in a volatile bitcoin / crypto market is easy to earn money there as well with everyone putting in funds in the entire crypto space – the more moving in the more made on safe trades and nothing less than conservative investments with the auto bot vehicle.
BCC is low key to avoid hackers – what a score for hackers it would be … so please prove to me BCC is a scam – no hater here at all and please understand my tone is nice and giving here.
I have tried to prove it wrong and cannot – so if you know something I do not – please share. Peace and Happiness in 2018 Michael Crypto.
Right. BCC was the first ICO lending Ponzi IIRC.
You said it yourself, affiliates are buying into BCC and then lending. BCC is using that money to pay the lending ROI.
It’s a Ponzi scheme, albeit convoluted because they’re running it through a publicly tradeable altcoin.
Knowing about trading etc. is all very well but, as with all the ICO lending Ponzi schemes, no evidence exists of BCC
There are differences though between BCC and a legitimate altcoin. You only need to look at the manipulation by BitConnect’s owners yesterday.
Due to BitConnect affiliate recruitment dropping off and thus BCC tanking, the admins used some of the invested funds to purchase BCC and push the price back up again.
There is no legitimate public demand for BCC. Only investors wanting in on the Ponzi scheme or BitConnect’s anonymous admins manipulating the public price to keep the Ponzi alive are buying.
What’s particularly worrying is BitConnect’s Alexa ranking. Investor losses when it finally collapses are going to be through the roof.
It will be interesting to see how and whether USI respond to the last 3 dot points of the Texas Order.
Probably offer the video of Ralf Gold in Genesis Minings facility, the photo shot of the Ethereum mining pool (hahaha) and lastly a sworn statement from Severino that his (dodgy) program produces 1% a day ROI. Surely this will be sufficient evidence?
Thirty-one days are counting down. Tick-tock.
I’m surprised there have been no other states (to date) that have joined in. Canada seems to be all over it.
The USA. Free enterprise at its best. Scams everywhere. You would expect other states will pick up the Texas notice and start post the New Year.
If there is anyone from the USA on this thread with knowledge of how the regulatory system works there, I would love to hear their comments. Hart David, Hart David wherefore art thou Hart David?
There is an anti pyramid bill in the US Congress at the moment.
Kevin Thompson is having input into it. There is a video on his site. I don’t know if this will have any impact but perhaps others can comment.
If you were thinking of joining, would you gamble multiple federal agencies aren’t aware of the Texas action and aren’t investigating???
What a stupid question. I made a simple statement that I was surprised other states have not issued alerts.
I am sure there have been many complaints. A 10 year old could figure out this is a ponzi.
FEDERAL agencies are not in the habit of issuing Cease and Desist notices before they act.
Anyone who thinks the SEC / FBI / Homeland Security / Secret Service are unaware of the C&D and aren’t investigating is in for a giant shock.
Gary, let me see if I can be of help to you. In Texas there were enough people that filed a complaint against USI that the Texas securities commissioner took action. It is very possible other states will join, but only if enough complaints are filed in their respective states. Just because Texas made the filing is not justification for other states to do so.
Law enforcement needs victims, and until people file a complaint there are no victims.
When it comes to the National Law Enforcement Agencies it is a slightly different story. While it is important for people in the US to file an online complaint with IC3.gov, it is not the only thing that needs to happen for the national regulatory agencies to act. Yet they must still do an investigation to determine what laws have been broken. I will add that investigations take time and they remain private. You don’t want the perps to know an investigation is being conducted so they have time to run with the money before they can act against them.
You have to remember that the vast majority of law enforcement agencies worldwide are reactive not pro-active when it comes to crime. The federal law enforcement agencies are outmanned, outspent, and are dealing with multiple types of crimes they are charged with investigating. These other types of crimes or security threats can take precedent over cyber-crime such as USI. Hope this helped.
IIRC there were multiple states investigating both Zeek Rewards and TelexFree as the SEC moved in.
It’s also holiday season. No doubt many state and federal employees are only semi-focused on their work right now.
Every single day USI has been paying me just like clock work. That means others are also being paid including Frank.
My I had already decide to withdraw all my daily finds before TX action. Why? ROC earning 40% isn’t enough more for me to wait 140 payouts approx 6 months. It only pays if you’re like Frank that has and can build a large team. That’s not me.
What I’ve discovered is … I can far better by just investing daily with Cryto exchanges. Which I’m positive USI is doing on a daily basis. Thus removing them from being a Ponzi scheme, where comes in and goes right back out.
The other day I purchased 92,000 of XVG Verge coin. Every time it moved 1 penny I made $920. The market turned and I sold making approx $10,000 in about a weeks time.
Why waste time promoting USI or Bitconnect in hopes of building a team when I can earn far more on my own!!! A NO BRAINER!!!
Will USI, Bitconnect survive … who knows. I do know if it wasn’t for my brief venture in to USI I would have been like most people wondering why I’m not prospering in America. Closed minds never grow.
So far no mention of TX cease order from USI only a brief mention to obey all USI compliance polices. I really don’t think they’re too worried about TX. If I can make money buying and selling cryto coins … I know they can and are doing just that daily!!!
1. Numbers on a screen != getting paid
2. You’ll continue to receive numbers on a screen for as long as new investor sign up and there’s money for you to steal. What’s your point?’
Yet to date no evidence of any such activity exists.
So why not register with the SEC as is legally required and provide affiliates and the public with full disclosure?
Certain because you’ve seen audited proof? Or certain because you are just crossing your fingers and hoping your ROI doesn’t get clawed back?
@PaulM. You must be a high flyer in USI Tech. I hear the ordinary investor hasn’t been paid for over 48 hours and counting.
@Cryptoskeptic. This is true. I am an investor in usi-tech and I have not received payment in over 48 hours.
It has always been 24 hours or less that I have received payment up until this point. This is very interesting.
The new u tube video by the bald bloke from Global Turbo Team is very good if you need a laugh.
He says the April meeting planned for Hawaii has to be moved to the Dominicon Republic because Hawaii doesnt have enough hotel rooms in April. Obviously USI must be looking for cheap rooms
hahaha bet it has nothing to do with hawaii being a US state! 😉
And this guy is one of the top affilliates. Beats me how.
@bittothe moon. My contact said the payment came thru after 2 and a half days. Looks like its preservation of cashflow until they can get new suckers or vamoose in the new year.
Hello, a friend of mine pointed me to your website. Thanks for all your valuable information.
I purchased some USI-Tech BTC packages last month (not many because I’m a poor whitey with zero white privilege).
After reading most of these comments, I am deeply concerned. I am going to try to get my money out as soon as possible, if USI-Tech doesn’t implode on itself first.
I do have a couple of questions you can hopefully help me with:
1) USI-Tech states it pays out 140% ROI; however, that means you receive 100% of your investment back, plus 40%. I understand that 40% ROI in mining is actually very conservative. Thoughts?
2) My understanding is that Bitcoin — and cryptocurrencies in general — have historically not been regulated by the SEC, is this true or false?
Why is the State of Texas stating Bitcoin is an unregistered security, and how does this impact those who have invested in other states?
And lastly, 3) USI-Tech pays out the interest in BTC only, not USD. How does this make it regulated by the SEC, wouldn’t this mean it’s outside of their jurisdiction?
Thank you so much, I truly appreciate your help as I work my way out of this quagmire. So disappointing.
USI doesn’t just put your investment into a magic box, generate 40% out of thin air, open the box and give you back your initial investment.
You put in $x and they pay you a 140% ROI. Splitting that up is just pseudo-compliance jargon.
A better answer is “it’s irrelevant”. The SEC regulate securities, ie. passive investment returns.
Dumping bitcoin into USI-Tech and receiving a passive 140% ROI is a security.
Because the SEC regulate securities offered to US residents. The currency used is irrelevant.
@sharon – question. Why would you buy BTC packs, only to have up to 35% disappear in commissions.
If you had invested in Bitcoin directly, you would have been well ahead, and wouldn’t have to wait 140 days whilst Ralf, Mike and the boys party it up big time.
Cryptoskeptic – I’m not making a case for or against USI. But deposits for BTC packs are in BTC not dollars.
The 40% is on top of what they paid in BTC. The total dollar value returned will depend on the value of BTC at the time of the withdrawal. But the 40% is added to the original BTC deposit.
The only time a loss would be made is if BTC value was lower at the time of withdrawal. That is how it is meant to work according to USI.
Something to consider about your line of thinking. If a man in prison garb wanted to sell you waterfront property cheap, would you rationalize the purchase by saying real estate has gained 40% in value this year? That should sound a bit silly, I hope.
With USI, you have the following:
– It’s multi-level marketing
– Well-known scammers involved
– No proof of anything (getting paid doesn’t count)
Using real cryptocurrency as a comparison with the likes of that list is like discussing the real estate market with the crooks in orange trying to sell you a deed.
Respectfully, I know you understand that you’ve been scammed. I just wanted to point out the context that should really render the 40% question moot when discussing USI.
UPDATE reported on realscam.com:
Ian Driscoll of Banners Broker scam infamy also involved with USI.
@John – it doesn’t matter what it is meant to be. It only matters what it is. It is what it is because the 40% extra that you mention is paid by new entrants.
Since April 2017, USI has had plenty of time to produce evidence of how it generates income sufficient to meet it’s liabilities. It hasn’t, and it has dreamt up every excuse in the book apart from the dog ate my homework.
Come to think of it, Ralf Gold used that one in his video with Charles Scoville.
I’ve filed complaints in a few more states now and the UK. Also I’ve been targeting promoters. Such fun.
It’s so much harder to file complaints in the USA. It’s all online forms and crap. However I’m hearing back from multiple UK authorities and more Canadian provinces!!!
I’ve also filed lengthy formal complaints against Ken Labine as a test of the system here. He gives my frosty northern land a bad name.
USI-Tech is the new OneCoin.
Desperate times call for desperate measures.
Dickie D, Just a heads up if you want another state to get the word out to.
Bethany College in Kansas is complicit in having one of their professors (business-lol), David Frost high up in the USI pyramid and selling packages to their students. I”m sure it’s a brand new crop of potential victims every semester.
The esteemed professor says on his websites he gets his students to buy in, become part of the downline then expand the “business”.
It’s amazing a college, who I assume is accredited, turns a blind eye to a clear cut ponzi being run through a college professor, all the while using the college Trademark and name, and allowing their own students to get caught up and participate in a ponzi scheme with a cease and desist order against it.
david frost is credited as the master distributor of usi tech in america:
and this from nov, 2017:
i checked three usi tech promotional videos by david frost, and they have been removed : ‘This video is unavailable’.
so i guess professor david frost has scammed and scrammed, either because his college management caught him out or because of the texas SEC C&D.
Thanks for the tip. I’ll devote a few hours sending the appropriate complaints. The alumni boards and securities commissions…
USI Overview Dan Hunt: youtube.com/watch?v=ovEzpBGy8Bc
I would guess this would be offline soon too….
dan hunt is still promoting usi tech, but i suspect david frost has bowed out.
here’s dan hunt interviewing usi tech co founder mike keifer on dec 28th, 2017:
The way I see it, USI-Tech just closed down operations in the U.S. and Canada, citing distributors’ inability to comply with their terms of service. It looks like the money-grab just took place.
@R.Damien Where did you read or hear that USI has closed down it’s US and Canadian operations. Is there a link to an announcement?
Here is the Termination of Distributor Agreement: docs.google.com/document/d/1Yi3eYJ-ZDjBdYpH6FiMilW0fodltnsYxrqPu_9Dmzkw/mobilebasic
@garden Thanks for the document. Why is there no public announcement by USI tech on their webpage and how do we know who and how many distributors received that document. People must surely be raging about it somewhere.
I just saw someone comment on it on one of the USI Tech FB pages…. he was not a happy camper.
@garden I just read the document. It is dynamite.
Funny thing is so many people on FB still believe in it and our blaming the people marketing it (not following USI’s guidelines lol)…. still can’t figure out it’s a ponzi…
You know these are the ones that will go to the next ponzi..
Surely Dan and Patty Hunt are exempt from this. They have been such good friends. Perhaps they get Mexico in return.
What happens to all the passive investors who invested in the last month. Will they be able to get their money back over 140 days?
I love how USI-TECH is blaming their own customers. I guess this means all that transparency we are expecting isnt coming… LOL!!
I would guess the only people that get their money back, already have it..
I wonder how many people will be going after their upline that sold them this great “opportunity” for the 35% that got directly put into their pockets…..
Ethan Vanderbuilt is saying USI is shut down in USA, and Canada.
The SEC just announced yesterday that they will do essentially nothing to help anyone who incurs any type of loss(es) with cryptocurrency(ies).
The adage “proceed” at your own risk has never been more true, than it is now.
It’s true. USI is shutting themselves down in the US and Canada.
They are of course blaming the affiliates for marketing them in a way that “makes them look” illegal.
As a happy coincidence this means a lot of people wont get paid beyond perhaps referral commissions.
LOL, cold as hell, queue outrage.
At least the SEC said not registering with them is illegal. Hence USI is illegal no matter what spin they want to put on it.
What happens to the Tech Coin. Are they still ok to flog that
There will be plenty of vacant spots for distributors from the rest of the world to attend the party in the Dominican Republic. Crickets lol.
Funny that the affiliates all just witnessed USI-TECH abandon thousands of their own. LOL. What do they honestly think is gonna happen when the money dries up??
I’ve sent out a bunch of fraud complaints to various Australian authorities. Man, they have some funny government websites lol.
gotta love how fast people jump on others misery – real classy guys & gals.
A Ponzi collapse might be new to the cryptocurrency millennials, but this is a well-worn script most of us have seen play out time and time again.
Sentiments of sympathy if the collapse of USI-Tech is your first rodeo. Hopefully though now you know better.
Avoid the vultures, their MLM cryptocurrency scams aren’t any better.
Whose misery? Surely you aren’t referring to the scamming participants who willingly chose to join a gang of thieves?
ITS MUCH CLASSIER THAN STEALING PEOPLES MONEY!!! Like WTF.
Don’t they understand they are ponzi pawns facilitating the theft of millions of dollars??? Your dad shoulda pulled out.
@Dickie D USI probably have their best shot in Australia. The regulatory agencies are disjointed and weak
I know!! I had to email all sorts of different people and file online reports. But I linked to the Texas and Canada reports to try an make it as simple as possible.
Would I be correct in thinking that today is the last day in which USI-Tech can respond to this Emergency Cease and Desist Order? If so what happens next?
usi tech has fled the US and canada.
obviously they’re not responding to, or fighting the C&D.
now the C&D becomes permanent and usi tech cannot do business in texas again.
So as a simple summary USI-Tech by not requesting a hearing before the 31st day after the order was served have basically admitted they are “engaging in fraud” as stated in the order.
So yes they have fled the USA and Canada but remain “business as usual” everywhere else in the world including the UK where I am based. This is totally wrong that after USI-Tech have admitted they are “engaging in fraud” that they can continue to run this ponzi scam online and rip more uninformed innocent people off.
Yes, January 20th is the deadline for which USI-Tech has to respond.
If they don’t respond Texas will go ahead and certify USI-Tech is an illegal securities offering.
Horst Jicka (sp?) did a Google Hangout this afternoon, wherein he stated that he plans to reopen the US and Canada very soon. Curiously, no mention was made of having kissed and made up with the Texas Securities Division.
NOT surprisingly, he stated that the problem was the misbehavior of many affiliates and that their attorneys have given USI a clean bill of health re: legality.
Also odd was the fact that they won’t be paying everything all the money they WERE paying, because they have to pay for their massive investment in equipment.
Anyone ask who their attorneys are: Hewey, Dewey and Louie. These guys are psychopaths.
And they claim to they’re still Ming too!!! All BS
Hi guys just joined up here with a warning about usi tech i am currently enrolled with them and things have gone from bad to worse this weekend.
Please please please do not make the same mistake i have and do not give these guys any of your hard earned money… this weekend we have heard rumours of btc packages being stopped and replaced by btc package 2.0 with immediate effect (even though usi tech havent even bothered to inform its so called valued customers yet).
We have been informed by affiliates that we will recieve a payout of 100% (this remains to be seen) not the 140% we signed up for and wait for it… we will recieve our original investment once current packages reach 100% at 0.75% per day running 5 days a week will take upto 9 months to tecieve our money back…
Please share this i formation with anybody even thinking about joining up with usi tech to save them the headache i am now facing… thankyou.
Listen, I promise if you give me $10,000. I will give it back to you in 9 months time with 40% interest.
Please trust me, I am an honest fellow. Not in the same league as Ralf Bullshitter Platinum, and Horse Shit Jicha but pretty honest all the same.
Just PM me and I will give you my bank account details for the transfer. This is a genuine offer Trooley Rooley. Hahahahaha. The world is full of gullible people.