According to prosecutors, Horst Jicha allegedly promoted a highly lucrative crypto investment scheme for beginners through USI Tech, ultimately defrauding investors from the United States and Canada out of more than $150 million. Promising daily returns of 1% or more from investments in crypto assets, Jicha targeted unsophisticated investors who fell victim to his deceit.
The collapse of the cryptocurrency pyramid ensued after regulators from both the US and Canada issued demands for USI Tech to halt its illegal activities and the sale of unregistered securities. Subsequently, Jicha is accused of embezzling investors’ assets and fleeing the United States.
“Defendant Horst Jicha utilized a multi-level marketing scheme to deceive American investors in the digital asset market… Despite the defendant’s evasion of American authorities for the past five years, our office, in collaboration with the FBI, has diligently worked to ensure that he faces justice,” stated U.S. Attorney Breon Peace.
64-year-old German citizen Horst Jicha was detained at the airport as he attempted to fly to Miami for vacation, just before Christmas.
Interestingly, the news of Jicha’s arrest came on the heels of another significant development in the cryptocurrency world, as Marco Ruiz Ochoa, the founder and former CEO of IcomTech, was sentenced to five years in prison, further highlighting the prevalence of fraudulent activities in the industry.