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Insightful and thought-provoking content related to today’s emerging financial technology. The CME Group Product Slate provides access to most of our products. The searchable and sortable slate links to product contract specifications and also provides the previous day’s volume and open interest data. For asset classes and products not included in the slate, please visit Weather, Real Estate, OTC Interest Rate Swaps, OTC FX, and OTC Credit Default Swaps. Please see the document CME Clearing Products in the Customer Cleared Swaps Regulatory Class for a complete list of swap products subject to LSOC when held by customers. Following an internal investigation into USI-Tech and two US promoters, the board presented gathered evidence of securities fraud to the Securities Commissioner. In an attempt to stop promotion of the USI-Tech Ponzi scheme throughout Texas, the Securities Commissioner issued an emergency cease and desist on December 20th.
Neither USI-Tech nor the sales agents, Clifford Thomas of Suitland, Md. Michael Rivera of Los Angeles, are registered to sell securities in Texas. The investment also is not registered in Texas. The common response to this by USI-Tech affiliates is that securities law doesn’t apply to bitcoin investment. According to the Securities Board that’s baloney, and the Securities Commissioner is having none of it.
The Federal Trade Commission, however, has no role in regulating registration of the mining investment as a security in Texas. The State Securities Board regulates the registration of the mining investment as a security in Texas, the registration of dealers and agents offering and selling the product, and the disclosure of material facts to investors. Securities Board points out that the company is anything but. The emergency cease and desist order identifies Clifford Thomas and Michael Rivera as promoters of USI-Tech’s BTC Packs. The order identifies USI-Tech’s BTC Packs as a securities offering, requiring both the company and its affiliates to be registered with the Texas Securities Board. 5000 fine and two year prison sentence.