Texas Issues Cease And Desist To USI-Tech

USI-Tech ReviewHave you been paying attention to all of the hype for USI-Tech?

If you told me someone had pitched the opportunity to you lately, this wouldn’t surprise me. It’s making all the rounds on social media lately.

Next, I want to tell you that I am neither an affiliate or distributor for USI-Tech – I want to give you an unbiased opinion.

Is it a scam? Can you trust USI-Tech? Has Texas really issued a Cease and Desist to USI-Tech?

Read all about it in my USI-Tech review so you can learn the full truth!

Does it deliver on the promises in the marketing materials?

Let me explain in my review of USI-Tech.

Let’s carry on.

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What Can You Tell Me About USI-Tech?

As if USI-Tech wasn’t already having a hard enough time, the company is now under scrutiny by the Texas Securities Board that is not claiming USI-Tech of being a “bitcoin promoter.”

The Texas Securities Board conducted an internal investigation into USI-Tech and two other promoters for the company in the United States, and this investigation results in a finding of ample evidence of securities fraud that’s taking place.

This evidence was then presented to the Securities Commissioner, and this then lead to the Securities Commissioner issuing out an official cease and desists to USI-Tech on December 20.

With this cease and desist, the Securities Commissioner is target two promoters for USI-Tech by the names of Clifford Thomas and Michael Rivera. I tried and failed to find any background info on Thomas, but I was able to learn that Rivera goes by the name of “Michael Crypto” on YouTube.

Along with USI-Tech, Rivera has also been found promoting another Ponzi scheme by the name of BitConnect.

Per the Texas Securities Board, USI-Tech is being labeled as:

“an overseas firm that is promising low-risk, triple-digit returns from investments tied to Bitcoin mining.

Neither USI-Tech nor the sales agents, Clifford Thomas of Suitland, Md., and Michael Rivera of Los Angeles, are registered to sell securities in Texas.

The investment also is not registered in Texas.”

USI-Tech Scam

Affiliates for USI-Tech are trying to make the argument that these laws/rules don’t apply to bitcoin, going as far to say that the investment opportunity being offered by USI-Tech is a “certified legal product in the USA per the FTC.”

To no one’s surprise, neither the Securities Board or the Securities Commissioner is buying this answer.

“The Federal Trade Commission, however, has no role in regulating registration of the mining investment as a security in Texas.

The State Securities Board regulates the registration of the mining investment as a security in Texas, the registration of dealers and agents offering and selling the product, and the disclosure of material facts to investors.”

USI-Tech continues to claim that its ownership is transparent with affiliates and customers alike, but this is another area where the Securities Board thinks otherwise. Per the Board:

“Disclosure violations include:

  • Information about the facilities used to mine bitcoins, the costs of mining bitcoins, and whether they have successfully mined bitcoins;
  • The terms of the contracts and an explanation of USI-Tech’s ‘non-exclusive interest’ in mining contracts; and
  • Information about whether the company’s financial condition is strong enough to provide a 1% daily return.

Going even further, Texas’s Securities Board says that USI-Tech has taken legal action seen as being “deceptive.”

“Sales agents are attempting to deceive the public by claiming that USI-Tech has a “binding legal opinion” from a law firm stating the company is “a legal business in good standing.”

Should Thomas and Rivera choose to keep promoting USI-Tech and ignore the cease and desists they’ve been issued, they could be facing a fine of $5000 and two years in prison per Texas law.

It’s unclear what USI-Tech’s next steps will be, but seeing as what the company’s gotten itself into over the past few months, I don’t expect it to be too much longer before we see action being taken on the federal level with the SEC stepping in to take charge.

If/when that happens, USI-Tech’s days will be all but over.

 

Should I Be Worried About A USI-Tech Scam?

Every business opportunity on the web has good reviews and bad reviews – so is USI-Tech really a scam?

Is there a USI-Tech scam or is this business legit?

If I am being honest, I’d say it’s not really a scam, but there are some important points to be aware of.

Learning the business weaknesses and having a strong marketing strategy is what will make you successful.

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Conclusion for USI-Tech

 

I hope you are finding the information in my USI-Tech Review helpful?

Some of the other reviews I saw had very little details, so I am hoping I gave you everything you need here.

If you’re wanting to become a member of USI-Tech, make sure you take the time to develop a marketing strategy.

And, my FREE training below will help you do that and make money!

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