USI-Tech shirk Ponzi ROI liability after bogus audit
When Texas issued USI-Tech with a cease and desist and provide evidence of external ROI revenue, rather than do so the company hastily terminated operations in the US.
The problem with this decision however was that the US was by far USI-Tech’s largest source of investors, which also meant they were owed the most amount of money.
Unable to pay out their affiliates (that’s not how a Ponzi scheme works), USI-Tech has stalled on the matter since the decision to run from US regulators in early January.
This stalling saw the company hide behind the fiction that it was conducting an internal audit to root out fraud.
Perhaps the only thing more unbelievable than a Ponzi scheme supposedly auditing itself to ferret out fraud was the affiliates who went along with it.
A few weeks ago USI-Tech effectively ordered its affiliates to “shut up or else“. Hanging in the balance was the millions of dollars US affiliates are believed to have invested.
Having determined enough time has passed, USI-Tech has announced the result of their internal audit charade.
Not surprisingly, from the sounds of it US USI-Tech affiliates are screwed.
The exact findings are now available. A large number of our distribution partners have illegally and in violation of their contracts received additional commissions and monetary claims.
These considerable, fraudulent violations result mainly from unlawful double payments for partner activities via fabricated REBUY, commission payouts via fake multiple registrations, and illegal advertising for the acquisition of benefits.
As a result of this misconduct, the viability and profitability of the active BTC Packages in their current form are no longer feasible.
In order to not excessively jeopardize your costs and expenses for the BTC Packages— considering the aforementioned fraudulent behavior—and in order to spare you a loss, we are unfortunately forced to immediately discontinue the BTC Packages in their current form.
Though we deeply regret doing so, we hereby terminate the contractual relationship through your BTC Package immediately by extraordinary or ordinary termination.
The communication does not single out USI-Tech affiliates or provide specifics as to each case of alleged fraud (again not withstanding USI-Tech’s entire business is fraudulent).
In an attempt to justify screwing over their investors, USI-Tech points to its “terms and conditions”.
From a legal standpoint however, a Ponzi scheme’s terms and conditions are not legally binding.
With a bullshit cover story to wipe Ponzi ROI liabilities, USI-Tech is aware that an avalanche of complaints to authorities will be made over the coming week.
After all, invested funds and promised ROIs being held hostage was really the only card USI-Tech had to play with investors.
In an attempt to combat anticipated regulatory complaints, once again USI-Tech are dangling the prospect of returned funds.
Despite the notice of a risk of total loss in our terms and conditions, we strive not to assign a financial loss on the BTC Packages to ANY CLIENT.
After the successful termination of all BTC Packages, we will undertake the following approach.
All clients who have withdrawn 100 percent or higher (due to payouts) of the deposited amount of their respective purchased BTC Packages are terminated immediately.
Due to the termination of the contractual relationship, there will be no further recoveries or payments for this BTC Package.
Illustration of how the current BTC Package(s) will be reset or stay live until they have reached the break-even point of 100%
All clients who have withdrawn less than 100 percent of the original purchasing price of their BTC Packages will be granted future financial benefits, as demonstrated in the following illustration, so that these BTC-Packages can reach their original purchasing price.
Our goal is to avoid any financial loss for our clients.
So basically those who have been paid more than they invested (net-winners) are getting the boot. And their victims are being told to sit tight.
Naturally with affiliate recruitment elsewhere in the world nowhere near enough to cover ROI payouts in USI-Tech’s largest market, where the company plans on getting the money from in a timely manner arises.
Answer: They aren’t.
At the present moment, however, we cannot foresee how long it will take for us to attain cost recovery for all of our clients.
Basically however long it takes USI-Tech to fleece new investors of funds, divvy that up between themselves and US victims.
Enter “BTC Packages 2.0”;
We are convinced that we will continue to attain financial success for you with our NEW BTC PACKAGES 2.0 in a newly modified and 100% transparent form (BTC Packages 2.0 will be directly linked to mining capacities and will receive the net earnings from them 7 days a week).
It is however at least as important that, due to the new structure, a similar situation will not be able to arise.
In the next newsletter, we will announce all of the details about technical processing and the new BTC PACKAGE 2.0.
All related functions will shortly thereafter be activated and go LIVE.
Why didn’t USI-Tech just show the Texas Securities Board evidence of external mining operations it’s claimed to have since June, 2016?
*crickets*
Oh and yeah, this obviously means the gullible investors being newly stolen from will get screwed in turn.
But hey, chances are they come from some dodgy third-world country anyway… so who cares, right?
Oz. And in spite of all that you quite rightly point out above USI-tech can still be happily downloaded from the App Store. Beyond belief!
Anyone that joins this 2.0 version deserves to lose everything and the scumbags pimping it need to be thrown behind bars along with the scamming admins!
What I am finding really alarming about the whole thing is that no one seems to actually care about this and many other scams around Bitcoin that seem to just carry on stealing peoples money. Half a dozen C & D orders, warnings from other states yet no action.
This combined with affiliates seemingly endless trust in USI means yet more money will be lost. Maybe the authorities want people to lose money to destroy Bitcoin itself (which in my view is just a giant con anyway!)
Action against whom ???
* USI-Tech is registered to a PO box in Dubai
* In the early stages at least, a large number of members were crowing about how they were anonymously operating outside the system, USI-Tech was registered offshore, outside of the reach of Da ebil SEC and Da ebil gubmint and Bitcoin is untraceable
* Who are the actual owners and where are they ???
* Is it economically cost effective to allocate the millions of dollars and man hours required to bring the so far unknown masterminds behind USI-Tech to justice ??
* Even if they were, how much could be recovered to return to victims when so many of the “victims” have gone out of their way to hide their identities, transactions and any record of their activities ???
I am thinking of setting up a web-published Google Doc listing all the usual suspects, their known current and previous positions etc so that honest and ripped off people can add to the list and create a seriously long “Black List” of USI-Tech offenders and their cronies in the different countries.
What do people think?
So USI has converted all packages to BTC packages v2. No payouts for nearly a year (never), meanwhile the Fab 4 disappear.
Can’t wait for the fabulous Tech Coin to launch. Probably in a high tech country like Sierra Leone.
Sayonara you bunch of thieves. May your childrens children down to 10 generations be afflicted with poxes never seen before.
I wonder if the USI Cult followers will ever believe they have been scammed or whether they will continue with blind belief in this bunch of crooks?
Was Evan Sheen part of this scam. I was so elated that a US citizen was part of the team. Especially with his business profile and family company since 1953.
Really? That’s business suicide. Who knows.
I posted here a couple of times, months ago. I wasn’t being myself then. I had an agenda. Wanted it to go on while I wasn’t break even yet. Now that everything is coming to an end, I can finally be myself.
(Although I’m still posting from a VPN.)
They’ve terminated all packages above 100%.
I fucking hate usi and their goddamn shenanigans. Thank fuck I started withdrawing my BTC after only a few weeks of activity with them. The hype was still going. Others were greedy. I was fearful. I got almost everything out thanks to my rational decision making.
I tripled my BTC with them.
Still hate’em, though. Incompetent fucks. When I started hating them enough, I participated in destroying their reputation by spreading (true) shit about them.
Wish I could go back in time and just buy Bitcoin on the cheap. It took a lot of stress dealing with these assholes. But it still helped me reach my BTC goals.
I ask myself why they didn’t simply actually hire traders with all that BTC they had coming in. They also could’ve easily requested audits from security experts. That way their BTC would’ve never been ‘stolen’. Fucking r-tards.
I’m glad it’s over. I’m hodling my tripled Bitcoin into the future and I’m gonna have a jolly good time with it.
One decade from now, when I am a Bitcoin multi millionaire, I will come back to this post to remind myself of the shit I had to deal with in order to become it.
And no more MLM for me. Ever.
Because legitimate trading doesn’t equate to “lol 1% a day forever”.
Hey, Mr “I only care about making some goddamn money so I can live my goddamn life” is back (still my favourite little flea quote).
No, you were less morally bankrupt then. Back then you at least had the excuse that USI Tech had your funds hostage, so you either believed in the scam or kissed your money goodbye.
Now you’re just here gloating about successfully scamming two Harry Smiles’ worth of Bitcoin out of other people like you.
Still, presumably the people who no longer have their life savings were the greedy ones, whereas you, the person who took their life savings, were fearful. I’m not quite sure how it can be that out of one person who lost his money and another person who took his money, the guy who lost his money is the greedy one. But I’m not the Warren Buffet of scamming fuckwittery.
Good luck “living your goddamn life” with someone else’s goddamn money.
See you in a decade’s time. Maybe you’ll be a multi millionaire. Or more likely you’ll lose the lot to some other little flea. If you were the type to hold what you have, you wouldn’t have invested your honestly-earned (maybe) initial capital in a Ponzi scam in the first place.
My bet is that you’ll take what you’ve got and try to triple it again. Hey, you know how these schemes go and you’re clearly good at getting in early enough, right? “Much wants more and loses all” is why Ponzi schemes work.
Hello,
I am considering starting USI, is USI a fraud?
If so, it seems there are 700,000 members worldwide, so it will be an international fraud case.
from Japan.
Looking back there is absolutely no question in my mind that USI was and is a complete scam… I am one of the few lucky ones that got my money back but it sickens me to the core that many will lose their hard savings.
I don’t believe any of their stories and I certainly don’t believe that 200 mil was stolen this is total BS just like the BS story about their power saving energy device…
Poor poor Harry. Sounds just awful what they put you thru. I don’t know how you survived the lies and deceit. You were a true believer. A lot of people know how it feels to be lied to. You’re a horrible horrible person. But please tell everyone you see how you tripled your btcwith Usi Tech. I do mean everyone, for the rest of your life. It’s probably your biggest achievement. See how that works out for you. You’re a dangerous Idiot. You Are Usi-tech
@Hiromi – please learn to internet.
IMHO, it’d be just “how to read”. But…
OK,where’s the Class Action sign up sheet? People work too hard or people scrape up money just to be ripped off thinking there’s hopes of getting ahead. arrgh!
Harry- A+ on the trolling post, let’s hope Karma was also reading it.
Evans- depending on your country, likely your only hope is going after the “leaders” that helped perpetuate this fraud and got rich by it.
If you do look into getting a lawyer, Jonathan Herpy isn’t the lawyer you want to see. He may try sell you some USI tokens now that he has partnered with the top US leaders Dan and Patti Hunt.
None of you mofos managed to pinpoint my personality. You wouldn’t be able to identify me in a group of normies if your lives depended on it.
You think that’s ME you’re talking to?
You’d like me in real life.
Sorry guys… nice try, no cigar. See you in a decade.
Yes, you’re a special unique snowflake. Whatever makes you happy.
@hiromi and anyone with hiromi’s lack of due diligence you need to do a lot more reading and checking. Don’t just spend money because someone recommends something to you.
Ummn, why would anyone want to ???
That is awesomesauce
@ littleroundman, off topic….what has happened to realscam.com? It has been down for the last couple of days.
Sorry off topic again (please feel free to delete) Nothing on Twitter or Facebook who did Realscam upset?
RS is down due to a copyright infringement complaint. It is being dealt with and should be back online shortly.
I was just about to say bogus DMCA myself. Same shit we go through here on BehindMLM from time to time.
Oz, it was and to be honest I am surprised this hasn’t been done long before this.
You can always tell when you are having success because the liars and cheaters can’t stand the light shown on them.
Some people simply have NO IDEA how copyright really works.
Personally, I think DMCA takedown was “way too easy”, as it also encourages BOGUS takedowns. Amazon had been on the receiving end of a couple filed by bogus lawyers (it’s just a website and a letter) to ruin a competitor just before Black Friday, for example.
I personally think DMCA takedown should only be accepted from a verifiable digital identity (can blockchain help?) and frivolous takedowns should have a penalty to it. But I’m getting way off topic.
I’m not sure what the big fuss is. If usitech was a scam, then why are they trying so hard to get people’s money back?
If what all of you say is true, then they would have run for the hills by now. Instead they have been upfront above their difficulties in paying back clients at the previous rate, and so have come up with version 2.0.
Additionally they have created a tech coin which seems to offer a unique service to the space. I am sure the tech coin will be in the top 20 in the first few months.
They seem like a solid and honest group of people, albeit Horst Jica does look like he spends too much time in a tanning bed.
I would just like to invite you all to give these guys the benefit of the doubt, as nothing is proven yet.
Bitconnect is what happens when a pyramid collapses, not a bunch of people sticking through the difficult times to pay back and honor investments made.
They’re not. USI-Tech wiped existing ROI liabilities and have represented victims will be paid out over an undetermined period of time (however long the small percentage of newly invested funds being redirected to victims takes to make them whole).
If USI-Tech had any intention of operating legally they’d have put “effort” into registering with the SEC and providing evidence of their external ROI revenue claims.
I think you know why they didn’t.
TechCoin is just another pointless bullshit altcoin.
The only thing it has going for it is a bunch of gullible investors who lost money in USI-Tech hoping against hope new victims buy in and they can cash out to recover their losses.
What is proven is people have lost money in USI-Tech. Rather than provide evidence of legitimacy the company ran from US regulators and continue to operate illegally elsewhere in the world.
Honest people don’t run Ponzi schemes.