The state of Michigan has issued Darren Olayan a securities fraud stop and desist pertaining to Mintage Mining.
Michigan’s discover was issued on April eighth, nonetheless I solely got here throughout it at present as a part of my analysis into Olayan’s $595,000 Utah positive.
As per Michigan’s stop and desist;
The Administrator’s workers carried out an investigation of Respondent’s actions below the Securities Act.
The investigation developed proof that Mintage Mining, LLC and BC Holdings and Investments, LLC provided and offered unregistered securities to (a) Michigan resident.
Neither Darren Olayan, Mintage Mining or BC Holdings and Investments are registered to supply securities in Michigan, or certainly wherever on this planet.
Consequently, the state of Michigan concluded;
Respondent Darren Olayan materially aided Mintage Mining, LLC and BC Holdings and Investments, LLC to supply and promote unregistered, non-exempt securities, in violation of … the Securities Act.
Olayan was issued with the stop and desist. Sadly it doesn’t seem any additional motion was taken.
Mintage Mining’s web site continues to be up. Following a short spike in web site site visitors in mid 2020, investor recruitment seems to have collapsed once more.
I say sadly as a result of Olayan has had greater than his fair proportion of run-ins with US regulators.
Olayan’s troubles with US regulators started in mid 2018, when Texas issued a Nui & Mintage Mining securities fraud stop and desist.
That ultimately led to a paltry $25,000 positive.
Montana and Utah (beforehand referenced), have additionally taken motion towards Olayan.
For its half Nui claimed Mintage Mining was “pre-compliant” with US securities regulation. The corporate additionally claimed it had “safety with the SEC”.
Nui associates staked the legality of providing unregistered securities on the regulation agency Jones Day.
In fact none of that held up, as evidenced by the regulatory motion towards Nui and Olayan that adopted.
In response to the Texas C&D, Olayan made the weird declare that securities regulation doesn’t exist.
One would suppose all this could be sufficient to set off a federal SEC investigation, however as of but nothing has materialized.
The unlucky sentiment stems from Olayan persevering with to commit securities fraud, focused at non-English talking buyers exterior the US.
Since his regulatory run-ins Olayan has gone underground. Exterior of dated social media profiles and a private web site, Olayan doesn’t exist.
His communications to Nui Worldwide buyers seems to be via Spanish movies unfold via Telegram and different personal channels.
As above, a number of of those movies ultimately make it to extra accessible platforms comparable to YouTube.
Nui Worldwide is basically a continuation of Olayan’s securities fraud. The ruse this time round is the usual “buying and selling bot” garbage.
Nui Worldwide markets a every day ROI of as much as 2.5%, with associates in a position to make investments as much as $100,000 a pop.
A go to to Nui Worldwide’s web site reveals a 404 error code. The backoffice portal nonetheless continues to be energetic, which is how the scheme is accessed.
Olayan and his accomplices are pitching Nui Worldwide at Spanish talking buyers (primarily in South America).
Nui Worldwide associates in Brazil promote the Ponzi scheme on the false premise that the corporate is “totally legalized”.
Curiously, Alexa pegs South Africa as the highest supply of site visitors to Nui Worldwide’s web site (84.8%).
Whether or not Olayan continues to be within the US or not is unclear. What is obvious is US regulators want to complete what they began.