USI-Tech Hit With Emergency CEASE & DESIST

https://www.ssb.texas.gov/news-publications/bitcoin-promoter-usi-tech-hit-emergency-order

Following an internal investigation into USI-Tech and two US promoters, the board presented gathered evidence of securities fraud to the Securities Commissioner.

The emergency cease and desist targets two US USI-Tech promoters, Clifford Thomas and Michael Rivera (right).

I wasn’t able to find much on Thomas, but on YouTube Rivera goes by the alias “Michael Crypto”.

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.

Despite claims that USI-Tech’s owners are “transparent”, the Securities Board points out that the company is anything but.

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.

https://www.ssb.texas.gov/news-publications/bitcoin-promoter-usi-tech-hit-emergency-order