A settlement between AWS Mining and the Texas State Securities Board has confirmed the Ponzi scheme was operating illegally.

AWS Mining popped up on our radar in late 2018.

A few months later AWS Mining caught the attention of the Texas State Securities Board, who issued the company a securities fraud cease and desist.

Rather than register their passive investment opportunity and prove they weren’t operating a Ponzi scheme, AWS Mining announced it was changing its name to AWS Capital.

Behind the scenes however there has been a dialogue between AWS Mining and the TSSB.

This dialogue has resulted in AWS Mining refunding its Texas victims, in turn prompting the TSSB to drop claims against the company.

As per an August 2nd order, AWS Mining will cease scamming people in Texas.

Owing to its fraudulent business model, AWS Mining is and remains illegal to operate and promote in the state of Texas.

AWS Mining has also represented to the TSSB that they have refunded all nineteen Texas investors.

Given securities law in Texas is pretty much the same as federal securities law, one can safely conclude that AWS Mining is illegal across the US.

Although AWS Mining maintains its website, primarily targeting investors in Brazil and Mexico (AWS Mining isn’t registered to offer securities in either country), back in April it announced a name-change to AWS Capital.

An AWS Capital Group website has been set up but traffic to the site appears to have stalled.

AWS Mining’s founders, Daniel Beduschi and Alexandre Campos, are both believed to be operating out of Brazil.

To date Brazilian authorities have failed to take any action against the duo, AWS Mining, or any of its spinoffs.