Tagged: Nui

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Nui Review: Cryptocurrency token investment with pseudo-compliance

Nui has its origins in Divvee, a failed “access to discounts” MLM opportunity that launched in mid 2016.When Divvee’s original model failed, the company rebooted as a mobile app promotion platform.
That also failed, prompting Divvee’s descent into unregistered securities.
In late 2017 Divvee merged with Hodo Global. The merger created Nui, which focused on cryptocurrency related unregistered securities.
On July 11th the Texas Securities Board issued Nui and associated companies with a securities fraud cease and desist.
Nui has vowed to challenge the notice, however at the time of publication that’s still playing out.
In the meantime Nui has “restructured” and is heavily pushing pseudo-compliance.
Today…

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Nui restructures, pseudo-compliance and responding to cease & desist

Seemingly in response to Texas’ cease and desist, Nui has announced it is restructuring its affiliate offering.We haven’t heard much from CEO Darren Olayan after he claimed securities regulation didn’t exist a few weeks ago.
Thus is was left to “Keystone Leaders” Jim Paré and Casey Combden to front affiliates.
First topic of business on the webinar was the Texas securities fraud cease and desist.
Combden claimed Nui corporate “knew this was going to happen”, implying to affiliates that there is nothing to worry about.
BehindMLM sounded the Nui unregistered securities alarm bell as far back as November 2017.
If Nui corporate knew then they were…

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Nui CEO Darren Olayan claims securities regulation doesn’t exist

Nui CEO Darren Olayan has taken to Facebook to claim the securities regulations behind a recently served cease and desist don’t exist.Texas issued Olayan, Nui, Mintage Mining and Symatri with a securities fraud cease and desist on July 11th.
At a corporate level Nui has vowed to “vigorously defend” Texas’ alleged securities fraud violations, although what that specifically entails remains unclear.
Olayan’s bizarre regulation claim meanwhile was made in a Facebook video published a few hours ago.
Filming while walking down a suburban street, Olayan claims he’s “amped out of his mind” after “taking serious phone calls” all day.
Despite speaking in the video for…

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Nui and Mintage Mining to “vigorously defend” securities cease & desist

Although we’d caught wind of it a day before, yesterday Nui published it’s official response to the Texas cease and desist.Following months of assurances that Nui, Mintage Mining, Symatri and the Kala altcoin had been signed off on by “top law firms in the US”, Texas issued the company with a securities fraud cease earlier this week on Wednesday.
In light of the notice, Nui has advised affiliates it has “cease(d) offering” its products ‘in the state of Texas for the time being‘.
Despite Texas securities law being materially indifferent from federal securities law, Nui and owner Darren Olayan are continuing to offer unregistered…

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Nui & Mintage Mining securities fraud cease and desist in Texas

Despite reassurances by Nui that their Kala altcoin and Mintage Mining have “stability and protection with the SEC“, a US securities regulator has issued the company with a cease and desist.The Texas Securities Board issued an emergency cease and desist notice to Nui on July 11th.
Named as respondents in the notice are Symatri LLC, Mintage Mining, BC Holdings and Investments LLC, Social Membership Network Holding LLC, Nui Social, Darren Olayan (right), William Douglas Whetsell and Wyatt McCullough (Nui affiliates).
As per the notice, the Securities Board alleges
(Darren) Olayan controls Mintage Mining.
Mintage Mining is illegally and fraudulently issuing and offering two different investments in cryptocurrency…

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Mintage Mining marketing claims are a mess

For the past few months Mintage Mining and their affiliates have heavily marketing their passive mining ROI opportunity as being SEC compliant.Then there was the whole Jones Day SEC lawyers nonsense, despite the SEC using in-house counsel in its regulatory lawsuits.
As good a sign as any the SEC is asleep at the wheel when it comes to MLM cryptocurrency fraud, to date the regulator hasn’t addressed Mintage Mining’s claims.
The two of which we referenced above are just the tip of the iceberg…
In a conscious effort to distance themselves from similar MLM cryptocurrency investment opportunities served cease and desists over the past six…

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Nui affiliates stake legality of unregistered securities on US law firm

Despite US regulators cracking down on MLM cryptocurrency mining opportunities recently, Nui affiliates maintain their unregistered securities offering is legal.This assertion is not based on US securities law or enforcement of it, but rather Nui’s legal representation in the US.Nui market a passive MLM cryptocurrency mining offering through Mintage Mining.The problem, from a securities regulation standpoint, is that neither Nui, Mintage Mining or the company’s management are registered to offer securities in the US.Previously Nui has claimed it is “pre-compliant” with the SEC, which at first glance sounded like Nui planned to or had already registered Mintage Mining.Following clarification from Nui…

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Nui claim Kala altcoin has “stability and protection with the SEC”

As part of continued efforts to mislead potential investors on MLM cryptocurrency offerings and US securities law, in an April 23rd blog article Nui claim its Kala altcoin has “increased stability and protection with the SEC”.In a nutshell, Nui’s entry into the cryptocurrency MLM niche spans Symatri, Kala and Mintage Mining.Nui runs Symatri, which is essentially a task-driven social network.Two components of Symatri are Core and Reach, through which Kala tokens can be earned by Nui affiliates.Here’s how Nui described the relationship in a December 13th blog post last year;Kala is a utility token designed specifically for the Symatri Ecosystem. Unlike other cryptocurrencies, Kala…

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Mintage Mining claim to be “pre-compliant” with SEC regulation

Mintage Mining is purportedly a partnership between David Childs (cited as owner of the company) and Darren Olayan, CEO of Nui.BehindMLM reviewed Mintage Mining last December. We came to the conclusion that, at best the cloud mining business model would constitute a securities offering.The lack of registration with the SEC at the time meant that, at worst, Mintage Mining could be recycling newly invested funds to pay off existing investors.Likely due to the increasing number of issued cryptocurrency securities fraud cease and desists, Darren Olayan has attempted to brush off regulatory compliance by claiming Mintage Mining is “pre-compliant” with the SEC.Olayan…

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Mintage Mining Review: Nui goes full Ponzi with mining package opp?

Mintage Mining popped up on my radar a few weeks ago as part of Nui.According to the Mintage Mining website, the company isa collaborative crypto mining platform that brings cryptocurrency enthusiasts together to mine the most current and profitable coin available each week.Mintage Mining provide no information on their website about who owns or runs the company.The website domain itself (“mintagemining.com”) was privately registered on October 24th, 2017.Although the gist of Mintage Mining’s compensation plan has been published by Nui affiliates promoting it, Nui published complete compensation documentation a few days ago.Read on for a full review of the Mintage Mining…