USI-Tech management ignore US/Canada, focus on rest of world
If it wasn’t already obvious that USI-Tech management had no intention of addressing regulatory compliance in the US and Canada, communication of renewed promotional efforts elsewhere in the world have all but confirmed it.
On December 20th the Texas Securities Board sent shock waves through the MLM cryptocurrency Ponzi scene by issuing USI-Tech with a securities fraud cease and desist.
USI-Tech had ten days to request an emergency hearing, which would have required them to make a showing of good faith in an attempt to have the cease and desist lifted pending a hearing on the matter.
That deadline came and went, with the wider deadline for USI-Tech to provide the Texas Securities Board with evidence proving it is not a Ponzi scheme fast approaching.
If USI-Tech don’t provide the requested evidence by January 20th, USI-Tech’s securities offering will be declared officially illegal in the state of Texas. Although not confirmed, it is believed a federal SEC investigation is likely also underway.
Since December 20th, USI-Tech management have gone into hiding. Aside from two generic messages provided to affiliates in their backoffice, USI-Tech management have failed to personally address the alleged securities violations.
Now in a schedule being distributed to USI-Tech affiliates outside the US and Canada, it appears the priority for management is to keep investment alive elsewhere in the world.
According to a schedule doing the rounds, Mike Kiefer, USI-Tech’s Global Master Distributor, will be holding a Facebook Live event on Sunday, January 14th.
US and Canadian affiliates hoping for answers are sure to be disappointed, with the message stating
Mike will NOT be discussing the USA/Canada situation on this livestream due to advise from the legal team!
Instead Kiefer will be promoting USI-Tech by explaining
- what is being rolled out in 2018 with US
- how to build a compliant USI business
- what you CAN and can NOT say when marketing USI and
- strategies for building a global network
If I may, after USI-Tech stopped paying out their largest affiliate-base (US), they probably now have quite a bit of spare cash to splash around the world.
Once that runs out though it’s inevitable that without US promotion, USI-Tech is going to crash hard.
No doubt Tech Coin will be brought up, although who’s going to invest in that now that they’ve seen how USI-Tech handles regulatory enquiries – who knows.
How to build a compliant USI business? Simple, register your securities offering with regulators in jurisdictions you operate in before illegally offering unregistered securities.
There’s nothing about “don’t say this, don’t say that” pseudo-compliance legalizing securities fraud in the Securities and Exchange Act.
And isn’t USI-Tech’s strategy for building a global network obvious?
Convince a ton of people in the US to invest, cut them off, use their money to build globally and hope for the best.
One last thing I’ll point out is that while the mention of lawyers could be construed as legal efforts being taken to respond to the Texas Securities Board’s notice, this is unlikely.
Not withstanding the fact that USI-Tech would have registered with the SEC had it of been operating legitimately to begin with, providing the Texas Securities Board with the requested information should have taken a week, tops.
If USI-Tech has engaged lawyers post December 20th, they’re not working on behalf of restoring business operations in the US.
They’re working to secure invested funds (likely through more fraud) and keep USI-Tech’s principals out of court.
Dangling hope in front of USI-Tech’s affiliates is part of the exit-strategy, as complaints to regulators only makes Mike Keifer and the gang’s running off with US investor money that much harder.
As the January 20th response deadline looms closer, stay tuned…