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USI-Tech Hit By Emergency Cease And Desist Order In The USA

USI-Tech Limited (USI) claims to be an online Forex and Bitcoin trading platform provider, located in Dubai, United Arab Emirates.
Co-founders of USI -Tech are Mike Kiefer, Ralf Gold and Horst Jicha.
Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order Dec. 20 against USI-Tech Limited, an overseas firm that is promising low-risk, triple-digit returns from investments tied to Bitcoin mining.
The enforcement staff of the State Securities Board presented evidence to the Securities Commissioner that USI-Tech, based in Dubai, and two U.S.-based sales agents are soliciting investors in dozens of Texas cities through targeted craigslist advertisements, YouTube videos, and standalone websites.
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.
The company and agents are offering for sale an investment contract in the mining of bitcoin. Mining uses significant amounts of computing power — and electricity consumption — to generate bitcoins for the decentralized online ledger that records and verifies bitcoin transactions.
The agents’ websites claim the mining investment “derives its value from [USI-Tech’s] non-exclusive interest in a series of Bitcoin mining contracts.” They promise a daily return of 1%.
The USI-Tech

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