NovaTech Ltd.
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anchored·5Yf6Di…ppDRSummary
NovaTech Ltd. (also marketed as NovaTechFX) was a multi-level marketing crypto and foreign exchange investment platform that operated from 2019 to May 2023. Co-founders Cynthia and Eddy Petion are alleged by the SEC and the New York Attorney General to have raised more than $650 million — and by some accounts over $1 billion — from more than 200,000 investors worldwide via a Ponzi and pyramid scheme. The SEC filed a complaint in August 2024; Canadian regulators have already issued a $2.5 million sanction, and a $2.3 billion RICO class-action lawsuit is pending in federal court.
Connected Entities
1 entities- + 4 more
Timeline(14 events)
2017
Cynthia and Eddy Petion become top promoters of AWS Mining Pty Ltd., an alleged cryptocurrency mining pyramid scheme promising 200% returns within 13-15 months.
2019
AWS Mining collapses after the Texas State Securities Board accuses the company of making false and misleading statements. Investors suffer significant losses.
August 2019
Cynthia and Eddy Petion launch NovaTech Ltd. (NovaTechFX), marketing it partly as a way for former AWS Mining investors to recoup their losses. The platform promises 2-4% weekly crypto and forex trading returns.
October 2022
The British Columbia Securities Commission and Alberta Securities Commission issue simultaneous investor warnings about NovaTech Ltd., citing unregistered trading activity.
2023
The Ontario Securities Commission issues a cease trade order against NovaTech. The Capital Markets Tribunal extends this order in March 2023.
5 February 2023
NovaTech announces a 60-day withdrawal freeze for all investor accounts, effectively signaling insolvency.
May 2023
NovaTech collapses entirely. Tens of thousands of investors across multiple countries are unable to withdraw their cryptocurrency. Total investor deposits exceed $1 billion; less than $26 million was ever actually traded.
2024
RICO class-action lawsuit (Mullins v. NovaTech, Case No. 1:24-CV-00824) filed in the Southern District of New York seeking $2.3 billion in damages.
6 June 2024
New York Attorney General Letitia James files civil lawsuit against NovaTechFX, the Petions, and AWS Mining, alleging over $1 billion in fraud targeting Haitian-American and other immigrant communities.
19 July 2024
Ontario's Capital Markets Tribunal issues a merits decision finding NovaTech Ltd. and Cynthia Petion violated Ontario securities law through unregistered trading, illegal securities distribution, and violation of the existing cease trade order.
12 August 2024
The SEC files a civil complaint in the Southern District of Florida against NovaTech Ltd., Cynthia Petion, Eddy Petion, and six promoters, alleging a $650 million crypto fraud scheme affecting 200,000+ investors worldwide.
15 August 2024
Defendant Martin Zizi partially settles with the SEC, agreeing to a $100,000 civil penalty and permanent injunction.
3 December 2024
Ontario's Capital Markets Tribunal issues CAD $2.5 million in sanctions against NovaTech and Cynthia Petion, and bars Petion from serving as a director of Ontario-registered entities.
31 March 2025
SEC files status report indicating ongoing efforts to serve Cynthia and Eddy Petion via letters rogatory, as the defendants are believed to be outside the United States.
Decision Log
- hash: CkwqJTrigR1Wv9G2WBMiojaFGaUsFCW2ayFdGU5Lykmi
This investigation is cryptographically anchored to the Solana blockchain (1 event). 0 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/30/2026, 7:10:17 PM
last updated: 8/29/2026, 1:34:20 AM
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