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.
🤖 Quick Answer
What is USI-Tech according to the New Brunswick Financial Consumer Services Commission?USI-Tech is an online Forex and Bitcoin trading platform provider based in Dubai, United Arab Emirates. It offers automated trading software enabling retail investors to trade foreign currencies and purchase Bitcoin investment packages while promoting high returns and a pyramid-like compensation structure.
Why did New Brunswick's FCSC issue a fraud alert against USI-Tech?
The FCSC issued a fraud alert on December 21st identifying USI-Tech's deceptive practices, including unrealistic return promises and a recruitment-based compensation model resembling pyramid schemes designed to incentivize investors recruiting family and friends.
What regulatory actions have been taken against USI-Tech recently?
New Brunswick's FCSC issued a fraud alert on December 21st, following a similar warning from the British Columbia Securities Commission on December 18th, representing the company's third regulatory encounter within
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