Another day, another regulatory condemnation of USI-Tech’s Ponzi scheme.
The latest warning is from the Canadian province of Novia Scotia.
On December 21st Novia Scotia’s Securities Commission published a warning cautioning investment in USI-Tech.
Nova Scotia identify USI-Tech as ‘an online forex and bitcoin trading platform provider, located in Dubai.‘
As with most jurisdictions, the offering of a passive investment opportunity constitutes a security.
The Commission has become aware that Canadians have been targeted recently through online advertisements and social media.
As is the case globally, USI-Tech has not registered their BTC Pack investment opportunity with Nova Scotia’s Securities Commission.
Offering unregistered securities to Nova Scotia residents is illegal.
The Nova Scotia Securities Commission is alerting individuals that USITECH Limited is not registered to sell securities in Nova Scotia.
“This is our second investor alert this week,” says Heidi Schedler, senior enforcement counsel with the commission.
“When people are busy, stressed or distracted, it is easier for fraudsters to capitalize on our vulnerabilities.
Stay vigilant. Always take the time to check registration.”
In addition to their offering being illegal, so is the promotion of unregistered securities.
It is illegal to solicit investments in the province without registering with the Commission and complying with Nova
Scotia securities laws.
This means that any USI-Tech affiliates who have promoted and/or solicited USI-Tech BTC Pack investment in Novia Scotia is at risk for regulatory enforcement.
The Securities Commission urges anyone who has “been contacted by a representative from USI-TECH Limited” to report it.
Nova Scotians can always contact the Commission to report any scams, or what they believe to be suspect or suspicious behavior from anyone offering investment opportunities.
Novia Scotia’s warning is the third USI-Tech regulatory alert issued by Canadian authorities.
On December 17th and December 21st, the Canadian provinces of British Columbia and New Brunswick issued USI-Tech investor alerts respectively.
Meanwhile in the US, USI-Tech’s largest source of new investment, Texas yesterday issued an emergency securities fraud cease and desist.
To the best of my knowledge USI-Tech management have yet to respond to the recent regulatory crackdown.