Texas Takes Action Against Aws Mining

Texas Takes Action Against Crypto Company Promising 200% Profit

The Texas State Securities Board has issued an emergency cease and desist order to a Australia-based cryptocurrency mining business and its franchisees. According to the arrangement, the business signifies that investments in its own mining contracts are”guaranteed to 200% profit”

The Texas State Securities Board on Tuesday issued an emergency cease and desist order to Sydney-based Aws Mining Pty. Ltd. and nine additional respondents linked to the provider.

Sydney-based Mycoindeal provides wallet solutions for investments issued by Aws Mining. Aws Elite is a multi-level marketing firm for Aws Mining established in Pennsylvania. West Texas Oilfield Cloud Miners Club, an affiliate Aws Elite, is a Texas-based sales representative for Aws Mining.

Sydney-based Mycoindeal provides wallet solutions for investments issued by Aws Mining. Aws Elite is a multi-level marketing firm for Aws Mining established in Pennsylvania. West Texas Oilfield Cloud Miners Club, an affiliate Aws Elite, is a Texas-based sales representative for Aws Mining.

The order says:

The investments in the cryptocurrency mining program are ‘securities’ … Respondents are engaging in fraud in connection with the offer for sale of securities … [and] are making offers containing statements that are materially misleading or otherwise likely to deceive the public.

The board declared that economists are violating the Securities Act since neither they nor their securities have been registered with the nation’s Securities Commissioner.

According to the arrangement, Aws Mining’s site asserts that the organization is mining cryptocurrency through farms situated in Guangzhou, China; Ingushetia, Russia; Ciudad del Este, Paraguay; Anhui, China; and Hebei, China.

The arrangement clarifies that the businesses and their executives”are devoting funds in cryptocurrency mining known as crypto mining power contracts, and they’re representing [that] that the crypto mining power contracts are’guaranteed to 200% profit’ and each crypto mining electricity contract’is ensured to 200% return on cost price. ”’

Additionally, the businesses are utilizing a multi-level advertising network of sales representatives to market those mining contracts and also recruit new representatives on social networking. The board highlighted:

They are also telling potential investors the crypto mining power contracts pay a ‘200% passive return on every investment.’

What’s more, the order noted that”Although possible investors have been led to believe they are going to get a 200% return on principle spent in crypto mining energy contracts,” Aws Mining”has become disclaiming the assurance of profitability and rather signifying that investors assume that the risks associated with the investment.”

The board then concluded that the businesses and people named in the arrangement”are participating in other illegal, deceptive, deceitful, or misleading practices in relation to the supply of crypto mining power contracts to Texas residents.”

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