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Texas Regulator Issues Cease and Desist Order to Cloud Mining Company | Cell Phone Spy and Mobile Tracking Software
Texas regulators have issued a cease and desist order to a cloud mining company for selling unregistered securities, among other alleged offences including fraudulent behavior. The Texas State Securities Board has issued an emergency cease and desist order to an Australia-based cloud mining company AWS Mining PTY LTD for selling unregistered securities, according to an official notice filed Nov. 6.Per the document, AWS Mining along with its multiple agents and Chief Marketing Officer Josiah Kostek have violated the Texas Securities Act by luring the state's residents in purchasing AWS' unregistered cloud mining power contracts and promising a "200 percent passive return on every investment." The company's website also reportedly offers investors to join a multi-level marketing matrix for $20, after which they could earn commissions by operating as sales agents.AWS allegedly shirked its commitments to pay out the promised profit, stating that "investors assume the risks associated with