$650 Million NovaTech Crypto Fraud Scheme Exposed by SEC

NovaTech, a company that promised safe investments in crypto and forex markets, has been charged by the SEC for $650 million in alleged fraud. The scheme operated from 2019 to 2023 and was structured as a multi-level marketing scheme.

The company's leaders, Cynthia and Eddy Petion, allegedly siphoned off millions for themselves, while most funds went to pay earlier investors and promoters. Only a small amount was actually traded.

The scheme targeted over 200,000 investors worldwide, many of whom were in the Haitian-American community. When NovaTech collapsed, many investors couldn't withdraw their funds.