AWS Mining has been served a securities fraud stop and desist by the Texas State Securities Board.
Named as respondents to the discover are
- AWS Mining and AWS Elite
- co-founders Daniel Beduschi and Alexandre Campos
- Jessica Nunes Sivirino, cited as an govt of AWS Mining
- Josiah Kostek, cited as CMO of AWS Mining
- MyCoinDeal, cited as a pockets providers supplier for AWS Mining and
- Kenneth Luster and his West Texas Oilfield Cloud Miners Membership AWS Mining investor downline
Of their November sixth emergecy stop and desist order, the Texas Securities Board alleges AWS Mining has engaged in securities fraud.
BehindMLM reviewed AWS Mining a number of months in the past and located it to be your typical MLM cryptocurrency mining providing.
AWS Mining traders signed up on the promise of a passive return, along with pyramid recruitment commissions.
The Texas Securities Board went one step additional and pegged AWS Mining marketed ROIs at 200%.
Of observe is the Texas stop and desist observes AWS Mining and MyCoinDeal have been registered with the Australian Securities and Investments Fee since June 2017.
ASIC is actually Australia’s equal of the SEC.
Whereas ASIC ought to be on prime of scams working proper beneath their nostril, sadly the regulator has a horrible monitor document for policing MLM associated securities fraud.
As we identified in our evaluate, AWS Mining fails to supply conclusive proof it’s engaged in cryptocurrency mining. Or that the corporate makes use of exterior income to pay associates a 200% ROI.
That is cited for instance of fraud in Texas’ stop and desist;
In reference to the offeri of (unregistered) crypto mining energy contracts, AWS Mining, Beduschi, Campos and Nunes are deliberately failing to reveal the next materials details in regards to the administration of AWS Mining:
A. The connection between AWS Mining PTY and AWS Mining;
B. The enterprise reputation and qualification of Beduschi, Campos, Nunes and different principals of AWS Mining;
C. AWS Mining’s belongings, liabilities and capitalization; and
D. AWS Mining PTY’s belongings, liabilities and capitalization
E. The identification, enterprise reputation or {qualifications} of the individuals chargeable for managing the operations of AWS Mining’s cryptocurrency mining farms;
F. Whether or not AWS Mining is mining bitcoin, ethereum, monero, or some mixture of those cryptocurrencies and/or different mineable cryptocurrencies that use proof of labor hashing;
G. The kind of specialised {hardware} used to mine cryptocurrencies and the collective hash charges of {hardware} used to mine cryptocurrencies, whether or not expresses as GH/s, TH/s, PH/s, or another metric;
On prime of that there are a boatload of disclosure failures cited, which might be learn within the Texas Board’s discover.
Following evaluate of collected proof, the Texas Securities Board concluded
- AWS Mining’s funding alternative was a safety;
- AWS Mining violated the Texas Securities Act by failing to register its securities providing with the Texas Securities Commissioner;
- AWS Mining and the named respondents are engaged in fraud with the supply on the market of securities;
- AWS Mining and the named respondents are making gives containing statements which might be materially deceptive or in any other case more likely to deceive the general public.
As a part of our AWS Mining evaluate, BehindMLM recognized Cynthia Petion as a outstanding promoter of the corporate.
In response to our calling her out for selling fraud in Africa, Petion said;
My enterprise resides abroad. And sure, I file my taxes. Fool.
The SEC doesn’t view Bitcoin as a safety – they usually certain as hell don’t care if these plans are bought outdoors of the USA, regardless of my residency.
Cynthia’s husband, Eddy Petion, claimed our declaring AWS Mining was engaged in securities fraud violations was “speculative and never factual.”
The Petions are believed to be primarily based out of Florida. In keeping with Eddy Petion’s Fb web page, the couple have been lately selling AWS Mining in Russia.
As on the time of publication neither AWS Mining, any of the opposite named respondents or Cynthia and Eddy Petion have responded to Texas’ stop and desist.
Keep tuned…