The USI Tech scam is not really new to FinTel readers. We already reported on the Crypto-MLM scheme USI TECH which was co-founded by the German Mike KIEFER who operates the global scheme from a Dubai shell company. Although regulators across the world already warned about USI TECH, their distributors in several jurisdictions continue to sell the stuff. Actually, the company has struggled with withdrawals since early January, and it seems things are only getting worse. We expect USI Tech to completely collapse any time soon.
We found an interesting video published back in February 2018 with the Australian USI TECH distributor Stephen LENOCI shortly after the cease and desist orders in US and Canada. This guy claims to be a USI TECH distributor and he’d be a millionaire by the end of 2018.
Despite being seemingly caught out during his TV interview, Mr. LENOCI said he is not involved in a pyramid scheme and claims he will still go on to be a millionaire with USI Tech.
“It’s not a pyramid scheme… the way USI Tech generates the income to pay anyone is essentially the more money that gets put in the more money they make,” he said. Well, those are the people responsible for driving naive investors into schemes.
Another tip distributor of the crypto-get-rich-quick scheme is Sharon JAMES. The UK USI Tech promotor claims in tweets to have become a millionaire in seven months, boasting: “I earn as much as footballers.”
SEC on USI Tech scam
The Securities And Exchange Commission in Texas issued a “cease and desist” order, banning the USI Tech scam from recruiting investors. It called the business “a secretive, Dubai-based firm” and added that “the 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.” The regulator stated that the scheme’s money is not made from anything to do with Bitcoin, but by recruiting more people to put cash into the scheme.
But the distributors obviously don’t care and continue to recruit new investors. Our advice, again, to crypto-investors: stay away from crypto-investment schemes. We are continuing our investigations in the USI Tech scam case. Expect an update soon.
