Before fleeing for crypto fraud, Horst Jicha, USI-Tech Ex CEO, was held in home detention in New York on a $5 million bond guaranteed by his partner and children.
An Oct. 10 court filing indicates that Horst Jicha, the USI-Tech Ex CEO of a putative crypto mining and trading firm, is suspected of violating his pretrial conditions by “absconding” and “tampering with his ankle bracelet” on Oct. 4.
USI-Tech Ex CEO on the Run
Approximately 12 hours after Jicha’s bracelet malfunctioned, Pretrial Services notified the government and promptly pursued an arrest warrant for the fugitive.
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On December 23, 2023, the USI-Tech Ex CEO, a German national, was apprehended in Miami, Florida, after reentering the United States for the first time in over five years to vacation.
He had not been in the United States since he departed in 2018 in response to cease-and-desist letters from US authorities.
CNBC reported on October 11 that Jicha was placed under home detention in New York on a $5 million surety, which his domestic partner and children guaranteed.
John Marzulli, a Brooklyn US Attorney’s Office spokesperson, informed CNBC that a vigorous investigation is underway to apprehend him.
In December, the 64-year-old was also compelled to surrender his German passport, which may complicate any attempt to flee abroad.
The USI-Tech Ex CEO trial was scheduled for March 31, during which he is accused of participating in securities fraud and money laundering conspiracy offenses allegedly related to his time at USI-Tech.
Cointelegraph attempted to contact Jicha’s counsel; however, they did not respond promptly.
According to the prosecution, Jicha guaranteed investors they would earn a daily return of 1% on their investments by participating in USI-Tech’s mining and trading scheme.
According to the New York authorities, USI-Tech’s purported Ponzi scheme is missing 1,774 Bitcoin and 28,589 Ether, currently valued at over $180 million.
The prosecutors assert that the funds were transferred to a crypto exchange deposit address under Jicha’s supervision.
USI-Tech was purportedly established in Europe in May 2017, and it was subsequently “aggressively” marketed to US investors a few months later.
On January 8, 2018, USI-Tech ceased operations after facing regulatory scrutiny from US authorities. The company attributed its closure to investors’ misleading statements regarding its products.
Investors were rendered incapable of withdrawing funds from USI-Tech’s portal.
