Despite management claiming to have
‘
never had a problem in the USA and Canada
‘
, further evidence of USI-Tech’s non-compliance with US regulators continues to surface.
The latest is confirmation the company failed to respond to a North Carolina securities fraud cease and desist.
Following an internal investigation, North Carolina issued USI-Tech with a securities fraud cease and desist on February 16th.
On February 22nd USI-Tech’s attorneys at Hart David Carson accepted service of the cease and desist.
On March 11th, the same cease and desist was served on USI-Tech PO Box address in Dubai.
Despite their lawyers being made aware of the notice, USI-Tech failed to make any response to the cease and desist notice.
USIT has failed to request a hearing, failed to file a responsive pleading, and failed to make any other submission to the Administrator.
This prompted a final order, issued on April 6th. The order was only made public by the regulator yesterday.
As per the final order, the Securities Division has confirmed USI-Tech violated North Carolina securities law.
The company and it’s affiliates have been permanently prohibited from operating in North Carolina.
One of USI-Tech’s top promoters, Frank Calabro Jr., is based out of North Carolina.
On March 8th Calabro was
issued with a separate securities fraud cease and desist
.
Calabro is
facing felony charges
and as of April 8th, the North Carolina Securities Division’s investigation is ongoing.
🤖 Quick Answer
What enforcement action did North Carolina take against USI-Tech?North Carolina issued USI-Tech a securities fraud cease and desist order on February 16th following an internal investigation. The company's legal representatives accepted service on February 22nd, with another copy served at the Dubai address on March 11th. USI-Tech failed to respond or request a hearing.
Why was USI-Tech banned in North Carolina?
USI-Tech was permanently banned for securities fraud violations and non-compliance with US regulatory requirements. The company failed to respond to the cease and desist notice issued by North Carolina securities authorities, demonstrating deliberate disregard for regulatory oversight and legal obligations.
How did USI-Tech respond to the regulatory notice?
USI-Tech did not respond to the cease and desist order despite its attorneys receiving formal notification. The company failed to request a hearing or file a responsive plea, indicating non
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