Olayan to focus on Nui International Ponzi, “leaves” Appliqate
In an attempt to distance itself… from itself, Darren Olayan has resigned from Nui’s parent shell company Appliqate.
Nui’s company history is intentionally convoluted. At present the only thing going for Nui is Nui International.
Nui International is your typical MLM crypto trading bot Ponzi scheme.
The investment scheme isn’t available in the US and is primarily promoted in South Africa, Brazil and Colombia.
In a recent June 9th OTC Markets filing, Appliqate had to disclose Nui’s previous run-ins with US securities laws.
A paragraph below the disclosure reads;
All the actions leading up to the legal proceeding naming Darren Olayan and Nui Social L.L.C were prior to Appliqate’s acquisition of the company’s Assets and Intellectual Property which excluded all Liabilities.
Appliquate [sic] Inc. has accepted the resignation of Darren Olayan effective May 29th, 2020.
To date Nui and Darren Olayan have been subject to two securities related regulatory actions in the US.
The first was in Texas back in 2018, which resulted in a $25,000 fine.
The second was a securities fraud cease and desist from Montana, which resulted in a notice filed by CSI on September 19th, 2019.
While the Texas C&D was resolved prior to Appliqate’s acquisition of Nui in early 2019, the Montana action was ongoing.
The Montana action against Olayan and Nui wasn’t resolved until September 2019, well after Appliqate’s acquisition.
Anyway, getting back to Olayan’s May 20th resignation.
Appliqate’s acqusition of Nui was basically Darren Olayan buying his own company from himself.
Upon acquiring Nui, Olayan was promptly promoted to Appliqate CEO and given a position on their Board Directors.
From there it was business as usual, with Appliqate engaging in securities fraud through Nui International.
So why is Olayan resigning now?
A company announcement by Una Taylor, cited as President of Appliqate, states;
Former CEO, Co-Founder, and Board Member Darren Olayan is now moving forward with plans to expand internationally into Brazil, Mexico, Colombia, Peru, Japan, South Africa, and Europe.
He has been such an amazing asset to APQT and will continue to help us reach new heights in strategic business development.
To give Darren the space and time he needs to accomplish these things, he has transitioned away from his role as CEO and Board Member.
We look forward to making great strides by putting this next part of our plan into action.
APQT wants to thank Darren for all he has added in value and look forward to all of his future contributions to our amazing endeavor.
Although not mentioned by name, the only business Appliqate has in “Brazil, Mexico, Colombia, Peru, Japan, South Africa, and Europe” is its Nui International Ponzi scheme.
Olayan has of course been running Nui International from day one, so there’s no change there.
By stepping down at Appliqate (but still retaining ownership), the move seems to be to preempt further investigation into the company.
It’s worth noting that despite being registered with the SEC and legally required to disclose Nui International, Appliqate has made no SEC filings since August 2019.
I suspect Olayan’s stepping down will see him flee the US. Nui International doesn’t solicit investment in the US so it makes no sense to keep running it from Utah.
I wasn’t able to confirm whether Olayan has already fled as he nuked his social media during the Montana investigation.
If the SEC has a pending investigation into Nui and Appliqate, they might want to act before Olayan heads to an airport.
I’m afraid you may be over estimating the reporting requirements of Pink Sheet stocks.
investopedia.com/terms/p/pinksheets.asp
There’s a reason they’re called “Stinky Pinkies.”
Appliqate is, with exceptions, abiding by Pink Sheet Basic Disclosure Guidelines, as lax as those are. But those reports are to OTC Compliance instead of the SEC. Appliqate is however late on their Q1 2020 quarterly report.
I find it amusing that someone named in no fewer than three State Securities actions (let’s not forget Michigan) is too toxic to sit on the board of even a pink sheet company.
I expect to see a significant amount of Appliqate stock landing in (yet another) shell company who’s ownership is undisclosed but who’s beneficiary is Darren Olayan.
Hang on, if Appliqate are running Nui International surely they have to disclose that to the SEC irrespective of whether they are pink sheet or not?
As per their 2019 annual report they do mention Nui Social, in farcically grandiose terms. Perhaps the Q1 2020 report will mention Nui International.
One significant omission I noticed in their annual, no mention of any crypto assets on their balance sheets.
Surely Kala if not Coco are worth mention as assets. Unless Appliqate’s opinion of their actual value is far more grounded in reality than their sales pitch is.