Yesterday we reported on USI-Tech admitting it was using newly invested funds to pay off existing investors.
Today we can confirm a US regulatory investigation into the company is underway.
Confirmation of a US regulatory investigation comes from USI-Tech affiliate Mike Klingler.
Klingler is based out of Oregon and in a post to the Facebook group “USI Discussions”, yesterday announced he’d been subpoenaed by the Washington State Division of Securities.
Accordingly Kilingler claims he’s ‘been submitting a number of requested documents to comply‘.
They are investigating USI and its promoters.
The subpoena had nothing to do with anything specific I had done other than, I think, one of my ads on Facebook, or perhaps email, was seen by a Washington State resident who enrolled with USI.
They are requesting every upline and downline communication, video, document, agreement, email, ad, USI promotions, communications, full downline reports, documentation of all payments received from USI, and the list goes on.
I am sending what I have saved.
While I didn’t hang onto everything, I have a lot to forward onto them and am doing so as it is required.
Not surprisingly, Klingler states the Washington Securities Division are treating USI-Tech’s
Tech Coin and BTC packages (as) an investment and we are not allowed to market them without a license.
US regulators don’t confirm or deny open investigations so we’ll have to wait for the agency to take further action before we learn more.
In the meantime Klingler has moved onto promoting Crypto Wealth Evolution.
Klingler claims his experience with the Washington Securities Division
has contributed tremendously to (his) shift in focus onto understanding regulatory compliance and on promoting the CWE auto-bot, which is software rather than a pooling of money that another company uses to invest and provide returns for us on.
Like USI-Tech, Crypto World Evolution provide no disclosures to investors regarding their supposed bot.
The company is run by Tomas Perez-Quevedo, who has a documented history of participation in a number of MLM Ponzi schemes.
Crypto World Evolution affiliates pay the company upwards of $2000 a position, on the expectation of an entirely passive ROI.
Neither Crypto World Evolution or Tomas Perez-Quevedo are registered with the SEC.
Sound familiar? Round and round we go…