USI-Tech fraud alert issued in New Brunswick, Canada
USI-Tech can’t seem to catch a break this week, following its third run in with securities regulators in as many days.
Hot on the heels of a similar warning issued by the British Columbia Securities Commission on December 18th, today New Brunswick’s Financial Consumer Services Commission issued their own USI-Tech investor warning.
Published as a fraud alert dated December 21st, the FCSC identifies USI-Tech as
an online Forex and Bitcoin trading platform provider, located in Dubai, United Arab Emirates.
USI-Tech claims to provide automated trading software that allows smaller investors to trade in FOREX and purchase Bitcoin investment packages.
It advertises high rates of return and promises a pyramid-like compensation structure to get people to recruit family and friends to invest.
The FCSC is New Brunswick’s securities regulator. Despite offering securities to residents of New Brunswick, USI-Tech have not registered with the FCSC.
USI is not registered to trade in, or advise on, securities or exchange contracts in New Brunswick.
We strongly urge New Brunswickers to avoid dealing with firms that are not registered to trade or advise in New Brunswick.
Summing up USI-Tech’s business model, the regulator writes;
A Ponzi scheme pays fake investment returns to investors. The money for these fake returns comes from new investors buying into the scam.
A pyramid scheme requires you to recruit new people into the scheme in order to earn money.
BehindMLM reviewed USI-Tech’s forex offering in late 2016 and concluded it was a recruitment driven pyramid scheme.
In our July 2017 review of USI-Tech’s BTC Pack offering, we concluded the company had transitioned into Ponzi fraud.
The FCSC request any residents of New Brunswick who have invested or been approached to invest in USI-Tech to contact the commission through their website.
In addition to warnings from Canadian regulators, USI-Tech was also served a cease and desist earlier today by the US state of Texas.
Official USI-Tech Facebook profile (as linked to on their website) has been privated.
This is like early Christmas.
USI-Tech is not a scam. Since when is a referral program a scam? Recruiting members is not mandatory, it’s optional.
This is a totally irresponsible report.
Using newly invested funds to pay existing investors is Ponzi fraud. USI-Tech being a Ponzi scheme = scam.
There’s no such thing as a “referral program”. You just made the term up.
Whether recruitment is optional or not is irrelevant.
Paying people to recruit in MLM = pyramid scheme.
The only party being irresponsible here is Ponzi scammers such as yourself running around spreading misinformation.
Im gonna have to side with ALL THE MULTIPLE GOVERNMENT AGENCIES on this one over all the really shitty youtube videos made by really shitty people. Thanks for coming out bud.
Any “real” company worries about business, making money, not constantly trying to prove theyre “legit” and “not a scam”.
ITS REALLY EASY TO PROVE YOU’RE NOT A SCAM. Literally, it couldnt be easier.
Know whats hard? Proving you’re not a scam when you are one. Because its impossible.
Looks like they will be going down earlier than expected which is great!
On the groups there is no mention of any of this, that said they are too busy trying to get help with all of the problems they are having, the latest is ‘money’ disappearing from their USI balance so they can’t withdraw or buy more packs. Along with many other complaints of things going wrong with the system
I’ve not heard of anyone successfully withdrawing money from USI for the past few days, usually when someone has a problem with withdrawal people jump on to say they made a withdrawal and had no problems, that isn’t happening now.
Everything is going wrong with the whole system, packs going missing, money going missing, withdrawals not happening.
People still believe in them and that the problems are temporary and they are going to be making millions. No reported problems paying money into the scheme.
The sooner this comes crashing down before there are any more victims the better.
Thank you for keeping us up to date on all of this, it’s great that so much is happening all of a sudden, just a shame it wasn’t months ago.
I have been aware of USI-Tech for months, I have enough money that I could have bought 10 packs back then and added to them, along with the rebuys and anyone I brought in as a direct. I could have quite a bit of ‘profit’ from USI at this time.
The reasons I didn’t is that it’s a Ponzi scheme and it’s going to collapse at some point and the only way I would have come out with a profit is to steal money from those who joined after me and then withdrawn my money before the problems started.
You aren’t earning money, you are taking money off those who are unlucky enough to have joined after you.
Your ROC is just numbers on a screen, your packs have not been invested and made money, USI have just adjusted the numbers on your screen using random daily ROC numbers between 0.75 and 1.25.
The money you put in to buy your packs went to someone else who bought packs before you did and withdrew their money.
The chances are that the money in your USI balance is long gone and it’s now just numbers on a screen which are meaningless. If the money for withdrawals isn’t totally gone it will be soon, if USI isn’t shut down first.
Wow! less than a year and the screws are starting to come loose. I’m so happy!
Hopefully ghobril, hibbert, shazza james, anita langley, immy aslam etc will go to jail and/or get lynched! Fat tak mano is so fat he wont be able to run fast enough!
Alice if you can’t legally prove USI is stealing their members’s money, I would not say anything at all… (I’m just saying. You can’t hide on the Internet and I made a screeshot, when I looked behind the curtain of this website).
Regardless USI, me and many of my friends have pending transactions in btc wallets. Personally I have one which is pending for 11 days now.
All the block chain is just plugged. If we want faster transactions we have to pay a very high mining fee.
(Ozedit: Offtopic derail attempts removed)
Public due-diligence isn’t about proving anything legally. That’s been regulators and lawyers.
In the absense of verified external ROI revenue, USI-Tech is a Ponzi scheme.
The fact that the US is USI-Tech’s biggest market and they haven’t registered with the SEC speaks volumes.
are scammers who live in a bubble world and couldn’t care less about illegal thievery. Roger that.
So your just completely ignoring all the facts? Regulatory action is raining down on usi-tech. Too bad for you and your friends.
You can screenshot a picture of my ass if you want it. It’ll be squeezing out a loaf of “usi-tech” at the time.
And I’ve been reporting lots of individual promoters who are breaking state or provincial rules to the proper local authorities so screen shot that too.
Monica – the block chain isn’t blocked. USI just don’t want to pay the going rate for miners to confirm their transactions.
Hello people … why is it that normally law abiding citizens are involved in illegally selling these programs. They are breaking the LAW and may be subject to large fines and jail time.
Wake up and get your ass out of this mess … This is going down quickly, defending them is not going to help!
You have been duped .. suck it up and move on. Nothing you do is going to save this company or its major players .. the lawsuits are just about to start.
Get out of the spotlight folks .. you don’t want to draw more attention to yourself than you have already!
It went from selling candles and shitty wait loss coffee, well the coffees a scam too, but from that to major financial crime is quite the step. They don’t even realize.
Bring a promoter means your breaching major financial laws. And I’ve filed grievances against the worst locals just to set an example. They truly are lemmings and don’t realize it seems.
A few of the Australian “tourers” have been reported to ASIC for promoting securities without a license.
Aside from Ebony Beresford and Andrew Toal, are there any others at the top who should be reported?
Cryptoskeptic: i hope you open this stat page and you will see with your beautiful eyes how the blockchain is blocked:
291.000 transactions are not confirmed, these are just standing in the line and wait. Mining fees are in the sky, last time One of the big wallets asked £35fee to transfer £100 to another wallet.
Miners take transactions on the from who is happy to pay the biggest mining fee. all the others are in the back of the chain, waiting.
It’s not ideal at this moment, but soon it`s will be better.
Monika – read my comment again slowly. Those transactions are unlikely to see the light of day unless USI pay the 35 pounds.
USI-TECH is making millions whats a few 35 pounds here and there for happy customers?
Remember they are doing massive trading and mining lets not forget that!
If USI-TECH was the only entity in the world using bitcoin. There still isnt enough transactions. add a trading robot and the rest of the worlds day traders, and general usage???
Literally impossible. Its just not there. The block chain has never processed more than 490 000 transactions in one day and that was rare.
Is the chain backed up 5 years???? I’d love to hear the theories on this one…
Wait minute? USI Tech Owns $70 Million in BTC Mining Equipment and per their words they are in route to do 2% of the total BTC Mining in the world.
Why they just don’t confirm their members transactions for free or at a regular minimum mining fee?
Yeah Michael Percy is one.
USI Tech is legit. USI Tech is engaging with all states / countries, marketing investment laws, that have regulations that need to be clarified.
This process is normal in a new and emerging marketplace.
Step 1. Register with the SEC.
What, USI-Tech hasn’t done that despite offering bitcoin packs since July? Oh dear.
The Securities and Exchange Act was passed into law back in 1933. There’s nothing new about it.
Hi OZ, the 1933 Securities and Exchange Act law does not specify Bitcoins (or Alt Crypto) in the document.
USI Tech is legit. Again, they are complying and engaging with all SEC jurisdictions in the world to adhere all laws.
This is a normal process for regulators, including new emerging crypto technologies.
Of course it doesn’t, it regulates securities.
Regardless of the medium used, a passive investment opportunity is a security and regulated in the US by the Securities and Exchange Act.
Earlier this month the head of the SEC stated they consider any cryptocurrency investment the same as fiat.
Stop watching garbage YouTube videos.
I’m very disappointed in your last remark. My only remark to you is that your accusing me or USI Tech to use the term securities. We or I don’t use that term.
Take it up with the Texas Securities Board.
A security is a return derived from the efforts of others. You pay USI-Tech 50 EUR and get a 70 EUR passive return.
It’s a security, get over it.
The Texas SEC is where you have 2 out of 740,000 USI members world wide, overhipe the business and call it an investment or sucurity.
They both have been terminated due breaching USI Tech’s partner Terms and Conditions.
USI-Tech was named as a respondent in the cease and desist. And if you read it, the notice clearly states USI-Tech the company is offering unregistered securities through the bitcoin packs.
The two affiliates are also respondents (because promoting unregistered securities offerings is also illegal). Both the affiliates and USI-Tech have 31 days to respond to the cease and desist (if they don’t USI-Tech will be certified an unregistered security in Texas).
Nobody, least of all regulators, care about a Ponzi scheme’s terms and conditions.
If openly advertising a passive investment opportunity as a passive investment opportunity is against USI-Tech’s Terms and Conditions, that’s neither here nor there.
Your blowing this out of proportion…. small stuff here. good luck to your naysay.
Securities fraud is nothing to take lightly. This is obviously your first Ponzi rodeo.
Best of luck with the scamming and hope you don’t lose too much.
Edit: If you want to spit the dummy over being called out on, do it somewhere else. Not interested.
If you consider the fact the C&D names USIT and only USIT as committing fraud as being “out of proportion” you’re in for a nasty surprise.
And how many ponzi and pyramid frauds have YOU watched implode? You, mister, have NO IDEA what you’re talking about, because you’re deep in the Dunning-Kruger zone.
You don’t even know enough to realize you don’t know what you’re talking about.
Look up Howey test and why SEC already closed several ICOs. Definition of security is based on the Howey test, not your lame reinterpretation of it. Tsk, tsk. You’re just proving you know nothing.
Selling unregistered securities is illegal. I don’t care if you call then “Mama Nana’s Peanut Butter Cookies” or something else, nor does the law. Calling it something else doesn’t change what it is.
Just like the pothead busted with a big bag of marijuana and insisting it is “incense”, calling it something else doesn’t change what it is. We’ve heard all this before……
Semantics is not substance.
PS: After 5 years of visiting here, Oz, Kasey and all the gang have a fantastic track record. Calling them “naysayers” doesn’t magically turn a fraud into something else.
Mama Nana’s Peanut Butter Cookies were just given a cease and desist order in KTY for offering unregistered securities (LOL)
But, were they also accused of fraud ???
I prefer “application of facts and logical deductions”. Track record doesn’t really mean much by itself.
How do you know that to be true? I have emailed USI and some of the top leaders and no one will confirm that, only that they’ve been suspended.
If I was trying to demonstrate that I was trying to be compliant, I would make a big show out of terminating them, in order to send a message to the field and the regulators. Dumb.
The USI daily payout screen is soooooo predictable. .007 4 days a week and .008 1 day a week. Meanwhile the crypto market has been flying in both directions fir the past 3 weeks.
C’mon giys, mix it up a bit if you want to seem half credible to your sycophants.
Anyone want to guess when Quebec and Montreal will issue their warnings. My guess is by the end of January.