$650 Million Crypto Fraud: NovaTech Leaders Charged by SEC

The US Securities and Exchange Commission (SEC) has charged NovaTech and its top executives with a whopping $650 million crypto fraud. The scheme, which operated from 2019 to 2023, promised safe investments in crypto and forex markets to over 200,000 investors worldwide.

NovaTech's leaders, Cynthia and Eddy Petion, allegedly siphoned off millions for themselves while telling investors their money would be used in actual trading. However, only a small amount was actually traded, with most funds going to pay earlier investors and promoters.

The SEC also charged six promoters, including Martin Zizi and Dapilinu Dunbar. Eric Werner, Director of the SEC's Fort Worth Regional Office, emphasized that the agency is committed to holding both masterminds and promoters accountable for their actions.