New York AG seeks 1.3 billion from NovaTechFX founders in fraud case

New York Attorney General Letitia James has requested a court order for NovaTechFX founders Cynthia Petion and Eddy Petion to pay 1.3 billion dollars in damages and disgorgement related to a cryptocurrency pyramid fraud case. The Petions allegedly recruited investors by promising high returns to Haitian immigrants and religious communities.

Between August 2019 and April 2023, investors entrusted over 1 billion dollars in cryptocurrency to NovaTech, but only about 26 million dollars was actually traded on the platform, according to James.

Additionally, prosecutors announced an agreement with four top promoters to recover approximately 6 million dollars for victim relief and to prohibit them from future activities in securities, commodities, and cryptocurrency.

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