Whereas USI-Tech regulatory warnings by other Canadian provinces have been mostly passive (alerts, warnings etc.), Ontario has upped the stakes by issuing a temporary cease trade order against the company and two affiliates.
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.
I wasn’t able to find anything on Eleanor Parker but Casey Combden (right) cites himself on Twitter 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.
Rather than hold a hearing on the matter, the Securities Commission has deemed it in the public interest to instead immediately order USI-Tech, Eleanor Parker and Casey Combden to cease trading in securities.
The Securities Commission also reaffirms that neither USI-Tech, Parker or Combden are exempt 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.
A similar USI-Tech cease trade order was issued by Saskatchewan on January 26th.
As at the time of publication the Saskatchewan order is still in effect.
The Canadian provinces of British Columbia, New Brunswick, Nova Scotia and Manitoba have each issued USI-Tech investor warnings.
On January 25th USI-Tech management told affiliates the company “never had a problem in Canada“.