{"investigation":{"slug":"novatech-ltd-cynthia-petion-650m-crypto-mlm-fraud","entity_name":"NovaTech Ltd. / Cynthia Petion — $650M Crypto MLM Fraud","trust_score":0,"severity_base":null,"score_modifier":-1.4,"confidence":0.93,"status":"published","content_type":"investigation","summary":"NovaTech Ltd. was a Florida-registered multi-level-marketing crypto and forex trading program founded by married couple Cynthia and Eddy Petion that operated from 2019 to 2023. The U.S. Securities and Exchange Commission, the New York Attorney General, the Maryland Securities Commissioner, and securities regulators in multiple U.S. states and Canadian provinces have all taken enforcement action alleging that NovaTech was a fraudulent Ponzi and pyramid scheme that raised more than $650 million (SEC figure) to over $1 billion (New York figure) from more than 200,000 investors, with heavy promotion inside Haitian immigrant communities. Cynthia and Eddy Petion, believed to be living in Panama, have not appeared to defend themselves in any of these proceedings, and regulators have obtained default judgments, permanent bans, and multimillion-dollar penalties against them in absentia.","sections":[{"content":"On August 12, 2024, the U.S. Securities and Exchange Commission filed a civil fraud complaint in the U.S. District Court for the Southern District of Florida against NovaTech Ltd., its founders Cynthia Petion and Eddy Petion, and six promoters: Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano, and Marsha Hadley. The SEC alleges that from 2019 to 2023 the Petions operated NovaTech as a multi-level-marketing crypto asset and foreign-exchange trading program that raised more than $650 million from over 200,000 investors worldwide. According to the complaint, NovaTech promised investors daily trading profits but in fact invested only a small fraction of incoming funds, instead using the bulk of investor money to pay commissions to promoters and to make Ponzi-style payments to earlier investors; the SEC also alleges the Petions diverted millions of dollars of investor funds for personal use. The complaint alleges that several of the named promoters continued recruiting new investors even after becoming aware of red flags, including prior regulatory warnings issued against NovaTech by U.S. state and Canadian securities regulators. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains, and civil penalties; the allegations in the complaint are civil allegations and have not been proven in court as to any contesting defendant.","heading":"SEC Civil Fraud Complaint","sources":[{"url":"https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-95.pdf","name":"SEC v. Nova Tech Ltd. et al., civil complaint (PDF)","type":"court_filing","credibility":1},{"url":"https://cointelegraph.com/news/sec-charges-novatech-founders-promoters-fraud","name":"SEC Charges NovaTech and Its Founders and Promoters With $650 Million Crypto Fraud","type":"news_article","credibility":2},{"url":"https://thediwire.com/sec-charges-mlm-with-650-million-crypto-fraud-of-200k-investors","name":"SEC charges MLM with $650 million crypto fraud of 200K investors","type":"news_article","credibility":2},{"url":"https://thecyberexpress.com/tag/novatech/","name":"SEC Charges NovaTech and Key Promoters in $650 Million Crypto Fraud Scheme","type":"news_article","credibility":2}],"severity":"critical"},{"content":"On June 6, 2024, New York Attorney General Letitia James sued NovaTechFx, Cynthia and Eddy Petion, and a separate company, AWS Mining, and its principals, in New York state court in Manhattan, alleging the two operations together took in more than $1 billion from investors through illegal pyramid and Ponzi schemes. The complaint alleges investors deposited over $1 billion into NovaTech between 2019 and 2023 while less than $26 million was actually traded on its platform, and alleges that promotion of NovaTech ran through prayer groups, social media and WhatsApp, with the scheme disproportionately targeting immigrant communities, particularly Haitian New Yorkers. According to later reporting, a New York court entered a default judgment against the Petions in August 2025 that imposed industry-ban restrictions but left the monetary amount to be determined later; the Attorney General's office filed an affirmation on October 22, 2026, seeking approximately $1.367 billion including interest from the NovaTech-related claims. Separately, in settlements announced around October 23, 2026, four individuals who promoted NovaTech and AWS Mining — Martin Zizi ($2.9 million), Frantz Ciceron ($2.05 million), James Corbett ($750,000), and Ricardo Roy Sr. ($275,861) — agreed to pay a combined roughly $6 million in disgorgement for victims' benefit and accepted permanent bars from the securities, commodities, and cryptocurrency industries in New York.","heading":"New York Attorney General Parallel Action and 2026 Developments","sources":[{"url":"https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining","name":"Attorney General James Sues Cryptocurrency Companies NovaTechFX and AWS Mining","type":"regulatory","credibility":1},{"url":"https://www.cbs6albany.com/news/local/new-york-sues-two-crypto-companies-for-defrauding-over-1b","name":"New York sues two crypto companies for defrauding over $1B","type":"news_article","credibility":2},{"url":"https://www.fingerlakes1.com/2026/10/23/four-novatech-promoters-to-pay-nearly-6m-after-new-york-crypto-case/","name":"Four NovaTech promoters to pay nearly $6M after New York crypto case","type":"news_article","credibility":2},{"url":"https://ag.ny.gov/sites/default/files/settlements-agreements/new-york-v-nova-tech-ltd-et-al-zizi-stipulation-and-consent-2026.pdf","name":"New York v. Nova Tech Ltd. et al. — Zizi Stipulation and Consent (2026)","type":"court_filing","credibility":1}],"severity":"critical"},{"content":"Ontario securities regulators pursued NovaTech and Cynthia Petion through several proceedings before the Capital Markets Tribunal (formerly the Ontario Securities Commission), naming only Nova Tech Ltd. and Cynthia Petion as respondents; Eddy Petion is not named as a respondent in the Ontario proceedings. The Tribunal issued a temporary cease-trade order and held hearings on March 2, 2023, and again on September 28, 2023 (preceded by a failed attempt to notify the respondents of a May 2023 hearing); on each occasion neither Nova Tech nor Cynthia Petion appeared, despite the Tribunal finding that Commission staff had served notice on the company, its registered agent, and on Petion as its sole director, shareholder and beneficial owner. On January 9, 2024, the Tribunal (2024 ONCMT 1) granted a motion waiving further service requirements on the respondents given their sustained non-participation. On the merits, decided July 19, 2024, the Tribunal found that Nova Tech traded securities without registration and without a prospectus in violation of Ontario securities law, and that Petion, as the company's founder, sole director and CEO, authorized those violations. No one appeared for Nova Tech or Petion at the October 2, 2024 sanctions hearing either. In its sanctions and costs decision dated December 3, 2024 (2024 ONCMT 28), the Tribunal permanently banned Nova Tech and Cynthia Petion from Ontario's capital markets, ordered them to jointly pay a $2.5 million administrative penalty, disgorge $31,000 (the only amount investigators could specifically trace to Ontario investors, a shortfall the Tribunal attributed to the respondents' refusal to participate), and pay $193,333.52 in costs to the Commission.","heading":"Ontario Capital Markets Tribunal — Permanent Ban and Sanctions","sources":[{"url":"https://www.capitalmarketstribunal.ca/en/proceedings/decisions-in-brief/decision-brief-nova-tech-ltd-enforcement-proceeding-merits-july-19-2024","name":"Nova Tech Ltd (Re) — Decision in Brief, Enforcement Proceeding, Merits, July 19, 2024","type":"court_filing","credibility":1},{"url":"https://www.capitalmarketstribunal.ca/en/proceedings/decisions-in-brief/decision-brief-nova-tech-ltd-enforcement-proceeding-sanctions-and-costs-december-3-2024","name":"Nova Tech Ltd (Re) — Decision in Brief, Sanctions and Costs, December 3, 2024","type":"court_filing","credibility":1},{"url":"https://www.capitalmarketstribunal.ca/sites/default/files/2024-01/rad_20240109_nova-tech-ltd.pdf","name":"Reasons and Decision (Motion to Waive Service), 2024 ONCMT 1 (PDF)","type":"court_filing","credibility":1},{"url":"https://www.investmentexecutive.com/news/tribunal-sanctions-nova-tech-crypto-scheme/","name":"Tribunal sanctions Nova Tech crypto scheme","type":"news_article","credibility":2},{"url":"https://behindmlm.com/companies/novatech-fx/novatech-fx-a-no-show-at-ontario-securities-fraud-hearing/","name":"NovaTech FX a no-show at Ontario securities fraud hearing","type":"community_report","credibility":3}],"severity":"critical"},{"content":"NovaTech and the Petions were the subject of regulatory warnings or enforcement actions in at least five U.S. states before the SEC's federal suit. California's Department of Financial Protection and Innovation issued what reporting describes as the first U.S. regulatory action against the company, a securities-fraud cease-and-desist order in November 2022 naming NovaTech Ltd., NovaTech Advisors LLC, NovaPay LLC, NovaTrading OU, and Cynthia and Eddy Petion, alleging the respondents falsely claimed NovaTech was a registered hedge fund, investment adviser, and broker, and that the Petions failed to disclose a 2011 personal bankruptcy. Wisconsin's Department of Financial Institutions fined NovaTech and the Petions in an order dated in 2023. Maryland's Securities Commissioner issued an order to show cause on December 23, 2024, after which, with no response from any respondent, the Commissioner issued a Final Order on July 9, 2025, finding NovaTech and the Petions violated the Maryland Securities Act and attributing an estimated $110 million in losses to roughly 3,000 Maryland residents; reporting is inconsistent about whether $110 million in the Maryland order represents investor losses or a formal civil penalty figure, and this page treats the $110 million as the loss estimate cited in the order pending direct confirmation of the operative penalty amount. A related Maryland proceeding resulted in a judge allowing regulators to pursue a $5.9 million penalty against a separate NovaTech promoter, Stanley G. Richards, under a ruling reported in September 2026.","heading":"Maryland Final Order and Other U.S. State Regulatory Actions","sources":[{"url":"https://behindmlm.com/companies/novatech-fx-securities-fraud-cease-desist-from-california/","name":"NovaTech FX securities fraud cease & desist from California","type":"community_report","credibility":3},{"url":"https://behindmlm.com/companies/novatech-fx/novatech-fx-petions-fined-110-million-by-maryland/","name":"NovaTech FX & Petions fined $110 million by Maryland","type":"community_report","credibility":3},{"url":"https://thedailyrecord.com/2026/09/18/maryland-judge-fine-crypto-promoter-stanley-richards/","name":"MD regulators can assess $5.9M fine against crypto promoter, judge rules","type":"news_article","credibility":2}],"severity":"high"},{"content":"Before the Ontario Tribunal proceedings, the British Columbia Securities Commission placed NovaTech Ltd. on its Investment Caution List via a warning dated October 11, 2022, stating that NovaTech had accepted funds from British Columbia residents while not being registered to trade in, or advise on, securities or derivatives in the province. The Alberta Securities Commission issued a comparable warning around the same time. The Ontario Securities Commission (predecessor to the Capital Markets Tribunal) subsequently issued a temporary cease-trade order against NovaTech on March 2, 2023.","heading":"Canadian Provincial Investor Warnings (British Columbia, Alberta)","sources":[{"url":"https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2022/novatech-ltd","name":"BCSC Investment Caution List — NovaTech Ltd.","type":"regulatory","credibility":1},{"url":"https://wealthprofessional.ca/news/industry-news/bcsc-finds-13m-crypto-fraud-sec-charges-canadians-for-650m-allegations/386696","name":"BCSC finds $13M crypto fraud, SEC charges Canadians for $650M allegations","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Regulators allege NovaTech operated as a multi-level-marketing structure layered on top of a purported crypto and forex trading program: investors deposited funds into trading accounts and were promised fixed or near-guaranteed daily returns, while separately earning commissions for recruiting new investors beneath them — a structure the SEC and New York Attorney General both describe as bearing hallmarks of a Ponzi and pyramid scheme, since most incoming investor funds were allegedly used to pay commissions and prior investors rather than being traded. The New York Attorney General's complaint alleges NovaTech was promoted heavily through prayer groups, social media, and WhatsApp networks, and that the scheme disproportionately targeted immigrant communities, particularly Haitian New Yorkers; Cointelegraph's reporting on the SEC action also notes the SEC highlighted the fraud's particular impact on New York City's Haitian community. These allegations are civil allegations made by regulators and have not been adjudicated against the Petions on the merits, as neither has appeared to contest any of the proceedings against them.","heading":"Alleged Scheme Mechanics and Affinity Fraud Targeting Haitian Communities","sources":[{"url":"https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining","name":"Attorney General James Sues Cryptocurrency Companies NovaTechFX and AWS Mining","type":"regulatory","credibility":1},{"url":"https://malaysia.news.yahoo.com/york-sues-over-1-billion-195046860.html","name":"New York sues over $1 billion crypto frauds targeting immigrants","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/sec-charges-novatech-founders-promoters-fraud","name":"SEC Charges NovaTech and Its Founders and Promoters With $650 Million Crypto Fraud","type":"news_article","credibility":2}],"severity":"high"},{"content":"NovaTech informed investors it was 'temporarily freezing' trading-account withdrawals for 60 days beginning around February 5, 2023, with a stated reopening date of April 1, 2023. Rather than fully reopening, the company instead imposed escalating monthly withdrawal caps starting at 5% of trading balance, along with a 5% withdrawal fee and a 90-day wait for new registrants, with further restrictions reported in the following months. Weekly returns and recruitment commissions are reported to have stopped entirely around May 2023. NovaTech itself attributed missing funds to a cyberattack in a May 2023 statement to investors, a claim regulators do not credit and that is contradicted by the SEC's allegation that funds were diverted to pay earlier investors, commissions, and the Petions personally. These operational details are documented primarily by BehindMLM, an MLM-industry watchdog blog, and are treated here as lower-confidence pending independent corroboration, though they are broadly consistent with the collapse timeline described in regulators' later filings.","heading":"Collapse and Investor Losses (2023)","sources":[{"url":"https://behindmlm.com/companies/novatech-fx/novatech-fx-ponzi-scheme-collapses-withdrawals-disabled/","name":"NovaTech FX Ponzi scheme collapses, withdrawals disabled","type":"community_report","credibility":3},{"url":"https://behindmlm.com/companies/novatech-fx/novatech-fxs-exit-scam-complete-payouts-disabled/","name":"NovaTech FX's exit-scam complete, payouts disabled","type":"community_report","credibility":3}],"severity":"high"},{"content":"Of the six promoters named in the SEC's August 2024 complaint, Martin Zizi reached a partial settlement with the SEC that includes a permanent injunction against further fraud and a $100,000 civil penalty, with disgorgement left to be determined by the court at a later date and victim distribution to be administered by the SEC subject to court approval; as of the most recent reporting found, no distribution timeline or process for investors to file claims had been established. Separately, in New York Attorney General proceedings, Martin Zizi, Frantz Ciceron, James Corbett, and Ricardo Roy Sr. agreed in settlements reported around October 2026 to pay a combined approximately $6 million in disgorgement and accepted permanent bars from the securities, commodities, and cryptocurrency industries in New York. These are distinct settlements in two different regulatory actions (SEC and NYAG) and should not be treated as the same resolution.","heading":"Promoter Charges and Partial Settlements","sources":[{"url":"https://behindmlm.com/companies/novatech-fx/victim-restitution-details-in-martin-zizis-novatech-fx-settlement/","name":"Victim restitution details in Martin Zizi's NovaTech FX settlement","type":"community_report","credibility":3},{"url":"https://www.fingerlakes1.com/2026/10/23/four-novatech-promoters-to-pay-nearly-6m-after-new-york-crypto-case/","name":"Four NovaTech promoters to pay nearly $6M after New York crypto case","type":"news_article","credibility":2},{"url":"https://ag.ny.gov/sites/default/files/settlements-agreements/new-york-v-nova-tech-ltd-et-al-zizi-stipulation-and-consent-2026.pdf","name":"New York v. Nova Tech Ltd. et al. — Zizi Stipulation and Consent (2026)","type":"court_filing","credibility":1}],"severity":"medium"},{"content":"Cynthia and Eddy Petion have not appeared to defend themselves in the SEC, New York, Ontario, or Maryland proceedings. The SEC's filings reportedly identify the Petions as U.S. citizens residing in Panama, where they are alleged to own real estate, operate a bar, and have registered at least two companies, though the SEC has stated it could not confirm an exact current address for them in Panama. Separate reporting indicates the SEC at one point considered the Petions might be in Dubai, but UAE counsel engaged by the SEC found immigration records indicating the Petions were not currently in the UAE and had last left the country in April 2019, leading the SEC to rule out Dubai as their location. After a U.S. court reportedly denied a request to serve the defendants in Dubai, the SEC was permitted to use alternative service methods, including WhatsApp and a website, with alternate service on Nova Tech Ltd. and the Petions confirmed around early February (year not specified in available reporting) and a subsequent deadline for the defendants to answer the complaint. These operational and location details rely substantially on BehindMLM's reporting of SEC filings rather than on the filings themselves, which were not independently reviewed for this page, and are flagged accordingly as lower confidence.","heading":"Whereabouts of the Petions and Service of Process","sources":[{"url":"https://behindmlm.com/companies/novatech-fx/novatech-fxs-petions-not-in-dubai-sec-claims/","name":"NovaTech FX's Petions not in Dubai, SEC claims","type":"community_report","credibility":3},{"url":"https://www.offshorealert.com/panama-based-u-s-couple-charged-with-swindling-200000-investors-in-650m-crypto-trading-investment-fraud/","name":"OffshoreAlert: Panama-based U.S. couple charged with swindling 200,000 investors in $650M crypto trading investment fraud","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2019-06","event":"NovaTech Ltd. founded by Cynthia and Eddy Petion.","source":"SEC complaint","source_url":"https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-95.pdf"},{"date":"2022-11","event":"California DFPI issues a securities-fraud cease-and-desist order against NovaTech and the Petions, reportedly the first U.S. regulatory action against the company.","source":"BehindMLM","source_url":"https://behindmlm.com/companies/novatech-fx-securities-fraud-cease-desist-from-california/"},{"date":"2022-10-11","event":"British Columbia Securities Commission adds NovaTech Ltd. to its Investment Caution List; Alberta Securities Commission issues a similar warning around the same time.","source":"BCSC Investment Caution List","source_url":"https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2022/novatech-ltd","date_evidence":"The BC Securities Commission issued an investor warning on NovaTech Ltd. dated October 11, 2022"},{"date":"2023","event":"Wisconsin Department of Financial Institutions fines NovaTech and the Petions for securities-fraud violations.","source":"BehindMLM","source_url":"https://behindmlm.com/companies/novatech-fx-securities-fraud-warning-from-canada-bc/"},{"date":"2023-02-05","event":"NovaTech announces a 60-day freeze on trading-account withdrawals.","source":"BehindMLM","source_url":"https://behindmlm.com/companies/novatech-fx/novatech-fx-ponzi-scheme-collapses-withdrawals-disabled/","date_evidence":"On February 5, 2023, the company told investors it was temporarily freezing trading-account withdrawals for 60 days"},{"date":"2023-03-02","event":"Ontario Securities Commission issues a temporary cease-trade order against Nova Tech Ltd.; no one appears for the company at the related hearing.","source":"Wealth Professional / OSC","source_url":"https://wealthprofessional.ca/news/industry-news/bcsc-finds-13m-crypto-fraud-sec-charges-canadians-for-650m-allegations/386696","date_evidence":"The OSC issued a Cease Trade Order on March 2, 2023"},{"date":"2023-05","event":"NovaTech weekly returns and recruitment commissions reportedly stop; company attributes missing funds to an alleged cyberattack.","source":"BehindMLM","source_url":"https://behindmlm.com/companies/novatech-fx/novatech-fxs-exit-scam-complete-payouts-disabled/"},{"date":"2023-09","event":"Second Ontario Capital Markets Tribunal hearing; again no appearance by Nova Tech or Cynthia Petion.","source":"BehindMLM / Capital Markets Tribunal","source_url":"https://behindmlm.com/companies/novatech-fx/novatech-fx-a-no-show-at-second-osc-tribunal-hearing/","date_original":"2023-09-28"},{"date":"2023-11","event":"Ontario Capital Markets Tribunal orders that the requirement to serve all future process on Nova Tech and Petion be waived.","source":"Capital Markets Tribunal","source_url":"https://www.capitalmarketstribunal.ca/sites/default/files/2023-11/rad_20231130_nova-tech-ltd.pdf","date_original":"2023-11-30"},{"date":"2024-01-09","event":"Ontario Capital Markets Tribunal issues reasons (2024 ONCMT 1) granting the motion to waive service on Nova Tech and Cynthia Petion.","source":"Capital Markets Tribunal","source_url":"https://www.capitalmarketstribunal.ca/sites/default/files/2024-01/rad_20240109_nova-tech-ltd.pdf","date_evidence":"the Capital Markets Tribunal's January 9, 2024 decision in Nova Tech Ltd (Re)"},{"date":"2024-06-06","event":"New York Attorney General Letitia James sues NovaTechFx, the Petions, and AWS Mining, alleging over $1 billion taken from investors.","source":"NY Attorney General press release","source_url":"https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining","date_evidence":"the press release is dated June 6, 2024"},{"date":"2024-07","event":"Ontario Capital Markets Tribunal issues merits decision finding Nova Tech and Cynthia Petion violated Ontario securities law.","source":"Capital Markets Tribunal","source_url":"https://www.capitalmarketstribunal.ca/en/proceedings/decisions-in-brief/decision-brief-nova-tech-ltd-enforcement-proceeding-merits-july-19-2024","date_original":"2024-07-19"},{"date":"2024-08-12","event":"SEC files civil fraud complaint against NovaTech, the Petions, and six promoters in the Southern District of Florida.","source":"Cointelegraph","source_url":"https://cointelegraph.com/news/sec-charges-novatech-founders-promoters-fraud","date_evidence":"On August 12, 2024, the SEC formally charged Novatech, its founders, and its promoters with fraud"},{"date":"2024-10-02","event":"Ontario Capital Markets Tribunal holds sanctions hearing; no appearance by Nova Tech or Cynthia Petion.","source":"Capital Markets Tribunal / Investment Executive","source_url":"https://www.investmentexecutive.com/news/tribunal-sanctions-nova-tech-crypto-scheme/","date_evidence":"no one appeared for Nova Tech Ltd or Cynthia Petion at the October 2, 2024 hearing"},{"date":"2024-12-03","event":"Ontario Capital Markets Tribunal permanently bans Nova Tech and Cynthia Petion, imposes a $2.5 million penalty, $31,000 disgorgement, and $193,333.52 in costs.","source":"Capital Markets Tribunal","source_url":"https://www.capitalmarketstribunal.ca/en/proceedings/decisions-in-brief/decision-brief-nova-tech-ltd-enforcement-proceeding-sanctions-and-costs-december-3-2024","date_evidence":"The Tribunal issued its sanctions and costs decision on December 3, 2024"},{"date":"2024-12","event":"Maryland Securities Commissioner issues an order to show cause against NovaTech and the Petions.","source":"BehindMLM","source_url":"https://behindmlm.com/companies/novatech-fx/novatech-fx-petions-fined-110-million-by-maryland/","date_original":"2024-12-23"},{"date":"2025-07-09","event":"Maryland Securities Commissioner issues Final Order finding NovaTech and the Petions violated the Maryland Securities Act.","source":"BehindMLM","source_url":"https://behindmlm.com/companies/novatech-fx/novatech-fx-petions-fined-110-million-by-maryland/","date_evidence":"BehindMLM reports that Maryland's Securities Division issued a final order against NovaTech FX and co-founders Cynthia and Eddy Petion on July 9, 2025"},{"date":"2025-08","event":"New York court enters default judgment against the Petions, imposing industry-ban restrictions with the monetary amount left for later determination.","source":"Fingerlakes1","source_url":"https://www.fingerlakes1.com/2026/10/23/four-novatech-promoters-to-pay-nearly-6m-after-new-york-crypto-case/"},{"date":"2026-09-18","event":"Maryland judge rules regulators may assess a $5.9 million penalty against NovaTech promoter Stanley G. Richards.","source":"The Daily Record","source_url":"https://thedailyrecord.com/2026/09/18/maryland-judge-fine-crypto-promoter-stanley-richards/","date_evidence":"The Daily Record article is dated September 18, 2026"},{"date":"2026-10-22","event":"NY Attorney General files affirmation seeking approximately $1.367 billion in damages from the Petions and NovaTech.","source":"Fingerlakes1","source_url":"https://www.fingerlakes1.com/2026/10/23/four-novatech-promoters-to-pay-nearly-6m-after-new-york-crypto-case/","date_evidence":"The AG filed an affirmation on October 22, 2026, seeking about $1.367 billion"},{"date":"2026-10-23","event":"Four NovaTech/AWS Mining promoters settle with NY Attorney General for a combined roughly $6 million and permanent industry bars.","source":"Fingerlakes1","source_url":"https://www.fingerlakes1.com/2026/10/23/four-novatech-promoters-to-pay-nearly-6m-after-new-york-crypto-case/","date_evidence":"The article is dated October 23, 2026"}],"sources_used":[{"url":"https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-95.pdf","name":"SEC v. 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