September 16, 2020

USI Tech Review

Overview

USI Tech is a now defunct cryptocurrency and forex trading platform company registered in Dubai. To be precise, the company advertised itself as registered in Dubai, but in reality it was registered in Ras-Al-Khaimah, another emirate in the United Arab EMirates (UAE), with a wide variety of offshore companies. The company’s website didn’t have unambiguous information about the owners and leadership of the company. However, it is believed that it was founded in 2017 by Joao Severino and Ralf Gold. These names might not strike for you, but these are both previously convicted traders and scamsters, who had been banned from trading and offering financial services in a few countries. Read the full USI Tech review here.

About USI Tech

The company boasted of huge returns, which seemed too good to be true, even back in 2017. From May 2017, they were pushing Bitcoin packages in the market, for mining and trading in Bitcoin, for investors who were looking to automate some of these tasks. The company was hence basically promising passive income to traders. These packages started at about 50 Euros. But what is really shocking was their claim of 140% returns in just 140 days. Now to seasoned traders this would immediately seem like an eyebrow raiser, but a lot of new traders and investors bought into this ponzi scheme. These claims were huge to get the market’s eyeballs though. Another strategy that helped USI tech grow faster was their referral scheme. This scheme offered customers upwards of 30% commission for any new investors that they brought in. This gave the scheme a multi-level marketing scam’s feel as well.

After a lot of people had invested their money, and didn’t see it again, the company’s downfall started right after their Tech Coin ICO in October of 2017. It all started after the Texas State Securities Board issued an emergency cease and desist against USI Tech in December 2017. And in a matter of a week the company was warned about, or shunned by the authorities in New Brunswick, Nova Scotia, Manitoba and British Columbia. By August of 2018, USI Tech had become a company that was on the black list of multiple countries like Guam, Spain and New Zealand. Right around this time, the company’s website went offline. Before this the company’s website was already acting up with only a login form on the home page and nothing else, not even for signing up as a new user.

The company has also been accused of continuing it’s activities under different names and brands, but owned by the same parent company. It is speculated that USI tech had a parent company in R&D Global, which is also parent to Eyeline Trading and Wealthboss. Also, Eyeline trading’s website redirected users to USI Tech’s website, right before closing down as well.

The Verdict

On June 4, 2018, an FPA Traders’ court voted guilty on USI Tech and it’s operations. This ruling itself is basically the gist of USI Tech. It is estimated that USI Tech made away with millions of dollars from investors around the globe. It is hence advised to new and seasoned traders to do a complete background check on the broker before investing with them. If you or someone you know has been a victim of USI Tech’s scam, contact us by filling the form on this page.