Consumer alert: USI-TECH Ltd.21 December 2017
SAINT JOHN (GNB) – The Financial and Consumer Services Commission is warning New Brunswickers about investing in USI-TECH Ltd.
The commission recently became aware that the company has been contacting New Brunswickers through online classified sites. It is not registered to trade in, or advise on, securities or exchange contracts in New Brunswick, and doing so would be illegal.
The company claims to be an online foreign exchange and Bitcoin trading platform provider located in Dubai. It claims to use automated trading software that allows smaller investors to trade in foreign exchange and Bitcoin. It also advertises high rates of return and promises a pyramid-like compensation structure to get people to recruit family and friends to invest.
Bitcoin and cryptocurrency trading is being aggressively promoted on social media and elsewhere. Consumers should be cautious about getting involved in these products, as cryptocurrencies are volatile and highly risky.
Consumers are advised to do their research and understand what they are getting into before investing. Anyone investing in cryptocurrencies should be aware that they could lose all of their investment.
Anybody who has been approached about investing in this company is asked to contact the commission by phone, toll-free, at 1-866-933-2222, or through its website. Becoming an informed investor is the best way to protect your money. Informed investors understand the risks and costs involved with their investments.
The Financial and Consumer Services Commission has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation that regulates the following sectors: securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Educational tools and resources are available online.