A settlement between AWS Mining and the Texas State Securities Board has confirmed the Ponzi scheme was working illegally.
AWS Mining popped up on our radar in late 2018.
A number of months later AWS Mining caught the eye of the Texas State Securities Board, who issued the corporate a securities fraud stop and desist.
Somewhat than register their passive funding alternative and show they weren’t working a Ponzi scheme, AWS Mining introduced it was altering its identify to AWS Capital.
Behind the scenes nevertheless there was a dialogue between AWS Mining and the TSSB.
This dialogue has resulted in AWS Mining refunding its Texas victims, in flip prompting the TSSB to drop claims in opposition to the corporate.
As per an August 2nd order, AWS Mining will stop scamming folks in Texas.
Owing to its fraudulent enterprise mannequin, AWS Mining is and stays unlawful to function and promote within the state of Texas.
AWS Mining has additionally represented to the TSSB that they’ve refunded all nineteen Texas buyers.
Given securities legislation in Texas is just about the identical as federal securities legislation, one can safely conclude that AWS Mining is against the law throughout the US.
Though AWS Mining maintains its web site, primarily focusing on buyers in Brazil and Mexico (AWS Mining isn’t registered to supply securities in both nation), again in April it introduced a name-change to AWS Capital.
An AWS Capital Group web site has been arrange however site visitors to the positioning seems to have stalled.
AWS Mining’s founders, Daniel Beduschi and Alexandre Campos, are each believed to be working out of Brazil.
Thus far Brazilian authorities have didn’t take any motion in opposition to the duo, AWS Mining, or any of its spinoffs.