$650M Crypto Fraud Rocks Global Markets as SEC Cracks Down on NovaTech

The US Securities and Exchange Commission (SEC) has filed charges against NovaTech and its top executives, alleging a massive $650 million crypto fraud. The scheme, which operated from 2019 to 2023, promised safe investments in cryptocurrency and forex markets but instead siphoned off millions for personal gain.

More than 200,000 investors worldwide fell victim to NovaTech's multi-level marketing scam, which was led by Cynthia and Eddy Petion. The SEC also charged six promoters, including Martin Zizi and Dapilinu Dunbar, who allegedly profited from the scheme.

The investigation found that most of the funds were used to pay earlier investors and promoters, with only a small amount being traded. NovaTech's collapse left many investors unable to withdraw their funds, particularly those in the Haitian-American community.