USI-Tech securities get cease trade order in Ontario
Ontario has issued a temporary cease trade order against USI-TECH and two affiliates.
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The temporary cease trade order, issued by the Ontario Securities Commission on February 15th, names USI-Tech and local affiliates Eleanor Parker and Casey Combden as respondents.
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Casey Combden presents himself as a “Network Marketing Expert”.
At issue is USI-Tech’s BTC Package Ponzi scheme, which the Ontario Securities Commission has classified as an unregistered securities offering.
Eleanor Parker and Casey Combden appear to be promoting and soliciting Ontario residents to purchase packages of mining bitcoin offered through USI Tech.
Eleanor Parker and Casey Combden may have traded securities without registration and without an exemption to the registration requirement contrary to the Securities Act.
USI Tech, Eleanor Parker and Casey Combden may have distributed securities without a prospectus having been filed and receipted by the Director contrary to section 53 of the Act.
The Securities Commission has deemed it in the public interest to immediately order USI-Tech, Eleanor Parker and Casey Combden to cease trading in securities rather than waiting for a hearing on the matter.
The Securities Commission also reaffirms that neither USI-Tech, Parker or Combden are exempted from Ontario securities law.
The February 14th temporary cease trade order is in effect until March 1st, after which the Commission has the option of extending it.
Stay tuned for more updates on this …