Looks like another province decided to put out a fraud alert which was published on December 21st.
The FCSC identifies USI-Tech as:
an online Forex and Bitcoin trading platform provider, located in Dubai, United Arab Emirates.
USI-Tech claims to provide automated trading software that allows smaller investors to trade in FOREX and purchase Bitcoin investment packages.
It advertises high rates of return and promises a pyramid-like compensation structure to get people to recruit family and friends to invest.
Even thought USI-Tech is offering a type of securities to people in New Brunswick, they haven’t registered with the FCSC.
USI is not registered to trade in, or advise on, securities or exchange contracts in New Brunswick.
We strongly urge New Brunswickers to avoid dealing with firms that are not registered to trade or advise in New Brunswick.
This is pretty much what the regulators write about the USI-Tech business model:
A Ponzi scheme pays fake investment returns to investors. The money for these fake returns comes from new investors buying into the scam.
A pyramid scheme requires you to recruit new people into the scheme in order to earn money.
Pretty nasty if you ask me lol.
Check out the break down of this company below:
The FCSC asks anyone who invested or been approached by anyone from USI-Tech to go to their website and contact them.
it looks like just a few days ago, British Columbia issued a warning on USI-Tech and even in the state of Texas.
Now me being a Canadian, I am definitely won’t be joining…
Once the governments get involved, it’s only a matter of time when they get sued.
Anyway, stay tuned for more…
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