Reported: NovaTech FX NOVAFX (Company)
Compiled by ScamMarketCap from public recordsHappened Oct 22, 2026United States
NovaTech FX, run by Cynthia and Eddy Petion, advertised returns of 2% to 4% a week from crypto and currency trading and paid bonuses for recruiting. It targeted Haitian and other immigrant communities through prayer groups, WhatsApp chats and Haitian Creole advertising. The SEC, which sued in August 2024, alleged that it raised more than $650 million from more than 200,000 investors and mostly paid earlier investors and promoters. The New York Attorney General says less than $26 million of the more than $1 billion deposited was traded. When NovaTech collapsed in 2023, most investors could not withdraw their money.
The Petions fled the United States, and a default judgment was entered against them in the Attorney General's case in August 2025. On October 22, 2026, the Attorney General announced that four top promoters would pay nearly $6 million for victims, and asked the court to order the Petions to pay $1.3 billion. More than 11,000 New Yorkers invested.
This case file is compiled from public records and established reporting. Status as of the last update, Nov 3, 2026.
Case files summarize court records, regulator actions and established reporting.
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