The Utah Division of Securities has fined Divvee Social and Darren Olayan $595,000 as a part of a securities fraud settlement.
The Utah Div Sec litigation pertains to Divvee Social. This stems from Olayan’s authentic Divvee pyramid scheme, which was rebranded as Nui Social in November 2017.
It’s assumed “Divvee Social” is a shell firm, one in all many Olayan (proper) runs his numerous scams by means of, as Divvee correct by no means provided securities. At the very least not publicly.
The $595,000 superb imposed on Olayan consists of $545,000 in restitution and a $50,000 financial penalty.
The settlement was unanimously authorized by the Utah Division of Securities in March, 2020.
As per information dug up by BehindMLM reader GlimDropper, who will get full credit score for doing the legwork analysis, Utah started investigating Olayan in July 2019.
Since operating up in opposition to US regulators, Olayan has gone underground. He’s at the moment busy focusing on non-English talking victims for his Nui Worldwide Ponzi scheme.
Nui Social’s guardian shell firm Appliqate deserted the chance earlier this yr.
For all intents and functions, the one remaining energetic part of Olayan’s fraudulent enterprise operations is Nui Worldwide.
Extra to come back.
Replace sixteenth December 2020 – I’ve explored the present Nui Worldwide state of affairs in our protection of Darren Olayan’s Michigan securities fraud stop and desist.