Securities Commission Issues Warning For USI-Tech
The regulator warnings have started for USI-Tech. USI-Tech has been trying recently to show how legitimate they are. I guess the regulators in British Columbia Canada did not get the memo.
In my opinion, USI-Tech is clearly selling a Bitcoin investment. They fail to register this investment in the countries they sell it in. They also fail to show that the majority of money that old investors are receiving is coming from actual investments. It remains a Ponzi scheme.
Here is the warning issued by the BC Securities Commission:
USI-TECH Limited (USI) claims to be an online Forex and Bitcoin trading platform provider, located in Dubai, United Arab Emirates.
We recently became aware of USI and found advertisements targeting British Columbia (BC) residents.
USI is not registered to trade in, or advise on, securities or exchange contracts in BC.
We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.
For information on how to become better informed about investment products and services, please visit InvestRight, at www.investright.org.
– Source bcsc.bc.ca
It will be interesting to see how long it takes for the SEC to act on this scam. USI-Tech has been bold enough to claim that they are officially SEC and FTC certified. In my opinion, it would be foolish to believe this.
Here is my opinion of USI-Tech:
USI-Tech is another recruiting scam that uses ridiculous claims of returns for their products to get people to buy them and join the scam. The founders of this scam have a long history with other money making scams. FOREX and Bitcoin have massive risks in investing in them. USI-Tech does not have the answer to lowering your risk and making you consistent returns. The Bitcoin Package they offer is a Ponzi scheme. The software they offer can’t offer the regular returns they claim it does. The software is used as the “product” in a product-based pyramid scheme. They expose you to shady FOREX brokers as well. USI-Tech claims to have its headquarters in Dubai. They are not registered as a business in Dubai. They are registered as a company in Ras Al Khaimah. Ras Al Khaimah is a common place for offshore companies to register as a company in the UAE. There is no way to know where USI-Tech is actually located at with this type of offshore company registration. USI-Tech does offer a free affiliate program you can participate in and make money from selling people their products. This does not change the scam that is being run with the actual products this company offers. I would not invest my money in USI-Tech.