Seemingly more procedural than anything at this stage, the Ontario Securities Commission is seeking an order that would permanently ban USI-Tech.

The order was requested via a “Statement of Allegations”, filed on December 4th.

Allegations in
the statement
mirror that of the
securities fraud cease and desist
Ontario issued USI-Tech back in February.

The cease and desist was followed by a findings on liability held by the AMF, who regulate securities in Quebec.

The AMF Tribunal found that USI-Tech was engaging in an ongoing illegal distribution of securities and unregistered dealing, contrary to sections … of the Quebec Securities Act.

The AMF
permanently banned USI-Tech in Quebec
in late March.

The Ontario Securities Commission is essentially now seeking a similar order for Ontario.

A
hearing has been scheduled
although the date has not been made public.

In any event it’s unlikely anyone from USI-Tech will show up to defend the company.

USI-Tech
collapsed
 in January 2018, a few weeks after
Texas issued it with its own securities fraud cease and desist
.

The
Ponzi scheme
officially
dropped its cryptocurrency mining charade
in late October.

Last we heard the principal recipients of USI-Tech investor funds, owners Joao Severino, Horst Jicha and Ralf Gold, were living in luxury apartments and
driving around in Lamborghinis
.

Beyond issuing cease and desist notices, to date authorities in the US, Europe and Canada have not publicly taken any further action against USI-Tech.

Update 16th January 2019 – 
As per a January 15th order, the Ontario Securities Commission has
permanently banned USI-Tech
in relation to securities fraud.

🤖 Quick Answer

What action is the Ontario Securities Commission taking against USI-Tech?
The Ontario Securities Commission filed a "Statement of Allegations" on December 4th seeking a permanent ban order against USI-Tech, mirroring previous allegations of securities fraud. This follows Ontario's cease and desist order issued in February and Quebec's AMF permanent ban in March for illegal securities distribution and unregistered dealing.

What regulatory violations did USI-Tech commit according to the AMF?
The AMF Tribunal found that USI-Tech engaged in ongoing illegal distribution of securities and unregistered dealing, violating sections of the Quebec Securities Act. These findings led to the AMF's permanent ban of the company in Quebec in late March.

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