Recently USI Tech have caught my attention. First, a relative of an USI Tech member contacted me to share her concerns. She said she was very worried about her relative’s involvement in the scheme as she seemed to have had a personality transplant and was now obsessed with the company. The concerned relative couldn’t find much about it so turned to me for help. As always, once something is on my radar, I start noticing it when it appears and my concern and curiosity are piqued.
I have decided to document anything USI Tech related here so that all the upto date information will be easy to find if you are concerned about this particular MLM. This is particularly important when you realises a Face Book group dedicated to exposing the company disappeared suddenly. The information needs to be preserved. Please send me any information you think should be included.
If you would like to see, join or follow the new face book group, go and have a look here.
Ethan Vanderbuilt has written about USI Tech in this blog post. Unsuprisingly, he considers it to be a scam (in his opinion). He has concluded it is a Ponzi scheme because people earn money when they get others to pay to join it. He looks into the people behind the scheme and where the company is actually located. It seems it may not be straightforward. The founders have a past of financial dodgyness, involving the authorities and people being arrested.
Here is USI Tech’s website.They are in the UK, regularly putting on seminars to try and recruit people. They claim to have a special programme (robot) that can trade in cryptocurrencies and magically make loads of money for investors easily.
Here are some things that have been going on with the company.
December 15th 2017 British Columbia residents are warned not to invest in USI Tech as they do not have the necessary registrations.
December 19th 2017 Ash, a crypto expert blogs about USI Tech and details the problems he sees with the company. He attended a recruitment event and analyses what is said there. The comments after this article are worth a read.
December 20th 2017. The Texas State Securities Board warn against investing in the company. They issued a cease and desist order because they are not properly registered in Texas and are breaking lots of rules. They state that USI Tech claim to be regulated by the FTC but this is blatantly untrue. Ethan Vanderbuilt examines this development. Here are the documents detailing the order.
December 21st 2017 Nova Scotia’s securities commission warns people that it is illegal to run schemes in the way USI Tech are doing.
December 23rd 2017 The Financial and Consumer Services Commission of New Brunswick have warned against any involvement with the company. They call it an illegal investment scam and encourage people to report them. This is on their website
December 24th 2017 Manitoba Securities Commisssion in Canada warns against USI Tech and states that companies offering high returns at low risk are often signs of fraud. They ask for people who have been involved with USI-Tech to contact them.
Which country will warn against USI Tech next? Will anyone get in trouble over it? Will people start coming forward about money they lost in this scheme? Any information, please contact me.