The Ontario Securities Commission (OSC) has issued a warning that the bitcoin multilevel marketing scheme USI Tech is not licensed to provide financial services and sell securities in Ontario. Nor are the company promoters Eleanor Parker and Casey Combden.
This is why the OSC has issued a temporary cease trade order that prohibits all trading in any securities by USI Tech, Parker and Combden. A similar order has also been issued by the Financial and Consumer Affairs Authority of Saskatchewan. Other provincial regulators – the securities commissions of British Columbia, Manitoba, New Brunswick and Nova Scotia have published investor alerts about USI Tech.
USI Tech claims to be based in Dubai, but only provides a post office box address there. It seems that the company offers some sort of a trading robot for forex and bitcoin. Or so it says. It promises ““smaller” investors to finally get involved in the FOREX and Bitcoin markets and have real success.” For forex trading the company charges a one-time fee for a lifetime software license. The bitcoin trading software is for free. Or at most €50 of starting capital to get your first package.
As with all other trading robots out there, this one does not require any trading expertise, offers free registration and no mention of fees. The most striking proposition, however, is “returns of up to 150% per year”. This is being achieved through “a conservative trading strategy to greatly minimize the risk”.
It is a well-known fact that big profits come with great risk and it seems that many of the USI Tech clients have already understood this, judging by the numerous complaints on the company Facebook page that they cannot withdraw their profits.