The companies named in an Emergency Cease and Desist Order are controlled by Darren Olayan of Lehi, Utah, and are as follows:
The order also names Wyatt McCullough, who maintains an address in Houston and is affiliated with NUI Social. McCullough and a third individual, William Douglas Whetsell, are publishing advertisements targeting Texas residents. These claim that Mintage can generate extraordinary returns – up to 250% annually – by successfully mining cryptocurrencies.
Those involved are accused of widespread violations of the Texas Securities Act, including making deceptive claims to the public. Olayan and Mintage Mining, for instance, are telling investors that Mintage is “in compliance” with securities laws, “works to always stay ahead of cryptocurrency regulation,” and “remain[s] so continually by keeping in contact with legal firms.”
George Town, Grand Cayman, 22nd November 2024, Chainwire
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