New York AG Seeks $1.37B Over NovaTech Ponzi Scheme
The agreements bar the promoters from the industry and direct the money to victims, while prosecutors seek more than $1.3 billion from the founders.
- On Thursday, New York Attorney General Letitia James secured nearly $6 million in settlements from four promoters and requested a court order for $1.3 billion from NovaTech founders Cynthia and Eddy Petion.
- NovaTech and AWS Mining exploited Haitian New Yorkers through prayer groups and WhatsApp, promising high returns while operating as Ponzi schemes that collapsed in 2023.
- Investigators found that of approximately $1.16 billion invested, only about $26 million reached trading platforms via B2Broker, while Cynthia Petion allegedly transferred at least $134.5 million to personal wallets.
- Four promoters—Martin Zizi, Frantz Ciceron, Ricardo Roy, and James Corbett—agreed to pay nearly $6 million in settlements and face permanent bars from securities, commodities, and cryptocurrency industries.
- This enforcement follows other cryptocurrency actions, including a lifetime industry ban for former Celsius CEO Alex Mashinsky, as New York continues targeting schemes that defrauded more than 200,000 investors.
12 Articles
12 Articles
New York AG wants $1.3B from NovaTech founders over crypto scam
New York Attorney General Letitia James has secured nearly $6 million in settlements from four promoters of the NovaTech and AWS Mining crypto fraud schemes and asked a court to order an additional $1.3 billion in payments from the companies’…
New York AG Seeks $1.37B From NovaTech Founders Over Alleged Crypto Ponzi Scheme
TLDR: New York AG seeks $1.37 billion from NovaTech founders Cynthia and Eddy Petion over alleged crypto fraud. Investors deposited $1.16 billion, but only $25.99 million reached trading, resulting in $18.19 million in losses. Investigators traced at least $134.5 million to founders’ wallets as NovaTech allegedly promised 2%–4% weekly returns. Four NovaTech promoters agreed to [...]
NY AG Pursues $1.37B From NovaTech Founders Over Alleged Ponzi
New York Attorney General Letitia James has moved to recover more than $1.3 billion connected to the NovaTech crypto and forex trading scheme, asking a court to require NovaTech’s founders, Cynthia and Eddy Petion, and related entities to pay $1.37 billion. The request includes the return of roughly $1.13 billion in alleged investor funds plus [...]
New York Attorney General wants $1.37 billion of the founders of NovaTech by Ponzi scheme; four recruiters made deals
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