USI Tech
Founding locationUnited Arab Emirates UAE
TerritoryGlobal
ActivitiesPonzi scheme

USI Tech Limited (also known as United Software Intelligence, or stylised as USI-TECH) was a Dubai-based cryptocurrency and forex platform trading provider, suspected to be a high-yield investment program and a Ponzi scheme.[1][2][3] Prior to going offline with its users' funds, USI-Tech moved its website from a .com top-level domain, to a .io domain, while also appearing on a number of mirror domains.[4] Joseph Rotunda, Director of the Enforcement Division at the Texas State Securities Board, estimates that the scammers were able to extract hundreds of millions of dollars from all over the world.[5]

Promoters

Based on reports from Engadget, USI was initially promoted by Lee Oakey, Kerry Stockton, Rodney Burton, and Michael Faust. Oakey and Stockton are British, and currently live in Australia. Burton (49, in 2018), also known as "Bitcoin Rodney", was known for purchasing a $350,000 Lamborghini Huracan from Lamborghini Newport Beach in Costa Mesa, California, using Bitcoin. Burton was released from jail in 2010 after serving five years for drug dealing.[6][5]

Dan Putnam, who identifies as the CEO of R&D Global, a suspected USI parent company, was also seen boasting that a mere $40 investment can grow to US$10 million in just 18 months at Eyeline Trading. Eyeline's homepage was redirected to USI Tech for a brief period, before also going offline.[5] R&D Global is registered as a limited liability company in Putnam's home state of Utah under the name of Richard Theodore Putnam.[7]

Related companies

Eyeline Trading

As of March 2019, a domain belonging to USI Tech was redirected to Eyeline Trading,[8] another company claiming to be a cryptocurrency and forex platform trading provider. The redirect suggests that the owners of the original website have relaunched the ponzi scheme through Eyeline Trading, following USI Tech's exposure to law enforcement.[9]

Wealthboss

Eyeline Trading collapsed following non-payment, and was subsequently rebranded to WealthBoss after British Columbia Securities Commission issued a cautionary notice against dealing with Eyeline.[10][5]

R&D Global

According to Engadget, both Eyeline and WealthBoss listed R&D Global as a parent company.[5]

History

See also

References

  1. ^ a b "Bitcoin Promoter USI-Tech Hit With Emergency Order". Texas State Securities Board. 20 December 2017. Retrieved 25 October 2018.
  2. ^ Johnson, Tim (20 February 2018). "Cries of scam arise as once high-flying firms fail to deliver on cryptocurrency". McClatchyDC. Retrieved 25 October 2018.
  3. ^ Penman, Andrew (1 March 2018). ""I earn money while I sleep" claims promoter of Bitcoin investment spin-off called USI-Tech". Daily Mirror. Retrieved 25 October 2018.
  4. ^ "USI Tech: The Future of Cryptocurrency". Retrieved 25 October 2018.
  5. ^ a b c d e Plackett, Benjamin (23 May 2019). "The bitcoin Ponzi scam that won't go away". Engadget. Retrieved 17 November 2019.
  6. ^ "Buying vehicles the bitcoin way". Autonews.com. 8 October 2018. Retrieved 17 November 2019.
  7. ^ "R & D GLOBAL, LLC". Utah.gov. Retrieved 17 November 2019.
  8. ^ "Usitech.io". USI Tech. Retrieved 8 March 2019.
  9. ^ "Eyeline Trading: Legit Cryptocurrency "BTC Trading Package" MLM?". Bitcoin Exchange Guide. Retrieved 8 March 2019.
  10. ^ "Eyeline Business Development and Eyeline Trading (together, the Parties)". British Columbia Securities Commission. 29 October 2018. Retrieved 17 November 2019.
  11. ^ "Consumer alert: USI-TECH Ltd". Government of New Brunswick. Financial and Consumer Services Commission. 21 December 2017. Retrieved 25 October 2018.
  12. ^ O'Connor, John (12 January 2018). "AG looks at USI-Tech, cautions consumers". Post Guam. Retrieved 25 October 2018.
  13. ^ "Do Not Invest with USI-TECH Limited". Government of Saskatchewan. 26 January 2018. Retrieved 25 October 2018.
  14. ^ "Entities not authorised by CNMV". Comisión Nacional del Mercado de Valores. Retrieved 25 October 2018.
  15. ^ Skinner, Celeste (16 August 2018). "New Zealand's FMA Blacklists Trading Software Provider USI-Tech". Finance Magnates. Retrieved 25 October 2018.

External links


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