USI-Tech’s BTC Packages & Techcoin banned in Quebec, Canada
Following an internal investigation into USI-Tech, on February 23rd Quebec’s Autorité des marchés financiers (AMF) filed for a securities fraud cease and desist.
The cease and desist named USI-Tech and promoters Cris Vegas and Johanne Brunelle as respondents.
Facebook, LinkedIn, Meetup, Steemit, Evensi and Mazarine Trade Inc. were listed as additional parties involved.
The AMF alleges USI-Tech, Cris Vegas and Johanne Brunelle have violated the Securities Act.
The February 23rd motion for a cease and desist was filed as an emergency motion “in order … to protect the investing public”.
On February 23rd Vegas and Brunelle were notified of the cease and desist through their various social media profiles.
USI-Tech was was emailed both on February 23rd and again on February 28th.
To date the company has not publicly acknowledged being contacted by the AMF.
On March 2nd a hearing was held before the Administrative Tribunal for Financial Markets to decide the AMF’s motion.
Counsel for the AMF argued that there are pressing grounds for prompt intervention by the Tribunal.
In this regard, she emphasized that the respondents are currently seeking investors illegally in Quebec through presentations, websites and various social media, thereby violating the Securities Act.
In addition, she indicated that the Authority’s investigation – which continues – revealed that several investors in Quebec have already invested significant sums in the forms of investment that were illegally proposed to them by the respondents.
She argued that these forms of investment, essentially investment contracts related to cryptocurrencies, are subject to the provisions of the Securities Act and that, therefore, the above-mentioned solicitation and investments of the Respondents constitute serious breaches of Articles 11 and 148 of that Law.
Although notified of the hearing well in advance, neither USI-Tech, Vegas or Brunelle responded or made an appearance.
Based on evidence presented by the AMF, the Tribunal ruled USI-Tech’s BTC Packages and upcoming Tech Coin ICO were ‘investment contracts subject to the provisions of the Securities Act‘.
Neither USI-Tech, Cris Vegas or Johanne Brunelle are registered with the AMF to offer securities in Quebec.
Moreover, the evidence shows that the respondents currently continue their illegal solicitation and investment activities and have succeeded in illegally collecting large sums of money from the investing public of Quebec.
Again, based on evidence submitted by the AMF, the Tribunal ruled USI-Tech, Vegas and Brunelle had violated the Securities Act.
These breaches are serious and contrary to the public interest, in particular because they are related to the heart of the registration and financial reporting regimes provided for by the Securities Act, and whose purpose is to protect the investing public and ensure the integrity of the financial center.
Subsequently the Tribunal prohibited USI-Tech, Cris Vegas and Johanne Brunelle from committing any further violations of the Securities Act.
With respect to USI-Tech as a business, this effectively makes USI-Tech’s BTC Package and Tech Coin ICO illegal across Quebec (both selling and promotion of).
USI-Tech was also ordered to redirect visitors to their website from Quebec to the Tribunal’s decision.
The Tribunal’s order acknowledges the AMF’s investigation into USI-Tech is ongoing.
On March 16th the Tribunal’s order appears to have been made final, with the AMF going public with the decision on March 27th.
For their part USI-Tech announced it was abandoning business operations in Canada back in January.
Investor losses in Quebec as a result of USI-Tech collapsing are at this point unknown.
Finally Quebec’s onboard!
Interesting they mentioned Facebook as additional parties involved. Facebook shut down the first ever usi tech scam page (that I was the admin of) and caused further people to lose money. They also ran adverts for USI-Tech and helped promote it massively.
Hopefully there will be a class action lawsuit against Facebook and I will gladly submit my evidence (including the screenshots of Facebook telling me to contact usi techs lawyer even after Texas issues a cease and desist stating it was a scam).
USI tech is now paying out and completely open transparent about everything, which can be seen on the blockchain.
Albeit payouts are ultra low.
Legal transparency requires investment opportunities to be registered with securities regulators. USI-Tech hasn’t done this so what transparency are you talking about?
“Lulz blockchain transparency” just shows you they’re using new money to pay existing investors – which we’ve known since last June.
@Dave, while USI Tech is “paying out”, it’s currently $0.36/day, and that’s “up to 100%” of the BTC 1.0 investment. It’s going to be awhile.
So they are slowly refunding the original investment (less prior withdrawals, less fees) with whatever money they can scrape up.
Hmm. Give us money…we’ll charge you 3% to convert it to BTC, wait a big long time, get no returns, pay another 3% conversion fee, then you can have 100% of your original investment back to re-invest in BTC 2.0!
Well, almost 100%. 94% less withdrawal fees and, uh, exchange fees.
@Dave, by transparent do you mean the owners, and top promoters are transparent like a ghosts, as they have all but disappeared. Been a while since a good USI tech “company update” video has made it rounds online.
Sure looks like USI paying out a few pennies on the millions owed, the owners/promoters expect to hold off the outrage of the people who were scammed as long as possible to avoid any legal repercussions.
Dave you are either really dumb, naive or a USI promoter, maybe all 3?
Yay the sound of one hand clapping!!
You will win no prize with this type thinking Sir!!
Meanwhile at long last it’s no longer available on the AppStore. Well done Apple! Finally!
and a big thank you to Apple from the Ponzi Promoters for waiting until this scam has run dry before doing so. More than a day late and a dollar short.
I am now starting to see pimps advertising iGoCrypto. I hope Oz can do a review of this one.
Announcement today USI are pulling out of US and Canada. Continue to blame affiliates but the heat is too hot in the kitchen.
Anyone who bought in after their ridiculous announcement of starting in the US again, you have done your dough.
Today? USI-Tech already abandoned the US and Canada back in January.
USI TECH Abandonment 2.0
In the interim, however, they announced they were accepting deposits from US and Ca members for USI-Tech v2.00 and would be trickle feed refunding members’ original deposits, less any earnings.
Considering Alexa shows that US visits still making up 26% of total visitor numbers, there must be a large number of US members still visiting the site, hoping for a miracle.
Latest announcement (either April 2nd or 3rd, though should have been April 1st):
Good luck getting anything substantial back before they go bankrupt/restructure/rename their company and restart.
Hopefully all these A-Holes will be in Jail before the end of the year , being dutiful housewives to their bunkmates.
Absolutely no sympathy for these fraudulent excuses for human beings.
Is there a lawsuit ? I have invested and would like to join a prosecution team.