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.
Appliqate finally got around to releasing their Q1 2020 report. They are months late.
The numbers that are released are of course unaudited and less than impressive.
We do have mention of Nui International it is described thusly:
No mention of the passive income opportunity that is so very legal they refuse to sell it in the USA.
And who is in change of Nui International these days?
Ouch Darren, that’s got to sting.
Are there storm clouds on the horizon?
So they’re going the “education packages” Ponzi route.
Curtis Olayan = brother?
Appliqate parting ways with Nui:
backend.otcmarkets.com/otcapi/company/financial-report/266567/content
Appliqate is still several quarters behind in their discloser filings (Covid ya know) and even if they do catch up I doubt we’ll see any further explanation.
Needless to say Nui isn’t going to tell their affiliates anything even remotely like bad news. They’ll either spin this or more likely, ignore it altogether.
If Appliqate is separating from Nui, what is its purpose? Appliqate was a shell company set up for the sole purpose of regulatory shenanigans.
Or is this just more theater to underscore Olayan and Nui attempting to create distance between them and US regulators?
I went to lookup which countries Nui International is scamming and the website has been pulled (backoffice still works). Is this an exit-scam I missed?
Alexa reports South Africa providing 84.8% of traffic to the domain. Sorry for their loss I guess.
Hmm, I think I found Nui’s iceberg. From the March 19th 2020 minutes of the Utah Division of Securities commission meeting:
utah.gov/pmn/files/593723.pdf
Note: Divvee not Nui Social for as little as that’s worth but it did make it harder to find. Still, Nui’s home state slapped them with sanctions, restitution and fines and an outright ban.
That and Darren Olayan has to move if he wants to pump investments of any kind. Which might explain why his brother Curtis was, at least at one time, listed as the head of Nui International.
And as to Nui International, not to make this sound the the famous Parrot Sketch but there are recent videos (as in days ago) on YouTube.
Same old crap, same old lies but with non American accents.
I was hoping to get caught up on some reviews now that the news flurry of the past week or so has slowed down.
Now I’m going to have to look into this, thanks 😀
Utah’s online records suck. The only thing I gleaned from the division of securities website is that their file on Nui was opened on 07/18/2019. Which means a week or so after the Texas C&D was issued.
Took them long enough to act but they did act with some force.
Hi I’m a small invester in Nui in South Africa.
my question is why doesn’t anyone inform the South African government about this Ponzi scam there are so many poor people putting there money into this company i see this everyday on it so sad.
Did you? If not then you have your answer.
Nui is/was run by Darren Olayan from the US. He’s since fled the US so unless he’s in SA it’s unlikely regulators there are going to be able to do anything.
A new partnership has just been signed
einpresswire.com/article/541173648/kala-coin-eyes-the-e-sports-arena-with-team-xen-sponsorship
So who in Carter Pulse is a kala bagholder?
Classic solution without a problem crypto bro bullshit. The fuck does a Ponzi token have to do with esports other than an excuse to throw around buzzwords?
Reminds me of Nasgo and the NFL. And Crowd1 and their esports misadventures.
Both amounted to nothing because there is no problem introduction of a shitcoin solves. Same story here.