Run away from USI-Tech – Saskatchewan securities regulator warns
USI-Tech has continued to run foul of securities regulation in Canada. The latest is a cease and desist issued by the Financial and Consumer Affairs Authority of Saskatchewan (FCAA).
In January 26th, the FCAA warned the public not to invest with USI-Tech Limited.
“Investors can lose a lot of money if they trade with unregistered dealers and advisors,” FCAA Deputy Director of Enforcement Ed Rodonets said.
“Although Forex and cryptocurrency can be legitimate products, unscrupulous individuals often use these terms to convince investors to place their money in illegal activities.”
Also, regulatory warnings have been issued across Canada over the past month by British Columbia, New Brunswick, Nova Scotia and Manitoba.
At issue is USI-Tech’s BTC Package Ponzi offering, which the FCAA correctly identifies as a security.
(USI-Tech’s) website provides a securities or derivatives trading platform to the public as well as facilitates securities or derivative trading by website users.
Residents of Saskatchewan have been contacted by USI-TECH Limited and have participated in conference calls in which USI-TECH Limited solicited individuals to purchase securities or derivatives.
USI-TECH is not registered to trade in securities in Saskatchewan.
People or companies need to be registered in order to sell securities or derivatives in Saskatchewan.
USI-Tech has been ordered to immediately cease operating in Saskatchewan until February 15th.
Pending an ongoing internal investigation, the FCAA’s temporary cease and desist ‘may be further extended as necessary‘.
Two days ago USI-Tech co-founder Horst Jicha reassured Canadian affiliates they “will now be able to buy BTC packages”. Jicha also claimed “USI-Tech never had a problem in the USA and Canada”.
The FCAA is urging ‘anyone contacted by USI-TECH or any of their representatives‘ to contact the FCAA Securities Division.