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NovaTech Execs Face $650 Million Crypto Fraud Charges

Guavy AI Editorial Team
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The US Securities and Exchange Commission (SEC) has charged NovaTech and its top executives with running a $650 million cryptocurrency fraud scheme.

The company, which operated from 2019 to 2023, promised safe investments in crypto and forex markets but allegedly siphoned off millions for themselves and their promoters.

Over 200,000 investors worldwide fell victim to the scheme, with many unable to withdraw their funds when NovaTech collapsed.

The SEC's Director of the Fort Worth Regional Office, Eric Werner, emphasized the agency's commitment to holding both masterminds and promoters accountable for their actions.

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