Despite management claiming to have ‘never had a problem in the USA and Canada‘, further evidence of USI-Tech’s non-compliance with US regulators continues to surface.
The latest is confirmation the company failed to respond to a North Carolina securities fraud cease and desist.
Following an internal investigation, North Carolina issued USI-Tech with a securities fraud cease and desist on February 16th.
On February 22nd USI-Tech’s attorneys at Hart David Carson accepted service of the cease and desist.
On March 11th, the same cease and desist was served on USI-Tech PO Box address in Dubai.
Despite their lawyers being made aware of the notice, USI-Tech failed to make any response to the cease and desist notice.
USIT has failed to request a hearing, failed to file a responsive pleading, and failed to make any other submission to the Administrator.
This prompted a final order, issued on April 6th. The order was only made public by the regulator yesterday.
As per the final order, the Securities Division has confirmed USI-Tech violated North Carolina securities law.
The company and it’s affiliates have been permanently prohibited from operating in North Carolina.
One of USI-Tech’s top promoters, Frank Calabro Jr., is based out of North Carolina.
On March 8th Calabro was issued with a separate securities fraud cease and desist.
Calabro is facing felony charges and as of April 8th, the North Carolina Securities Division’s investigation is ongoing.