NovaTech Ltd.
Summary
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)
2017-01-01
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.
2019-01-01
AWS Mining collapses after the Texas State Securities Board accuses the company of making false and misleading statements. Investors suffer significant losses.
2019-08-01
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.
2022-10-01
The British Columbia Securities Commission and Alberta Securities Commission issue simultaneous investor warnings about NovaTech Ltd., citing unregistered trading activity.
2023-01-01
The Ontario Securities Commission issues a cease trade order against NovaTech. The Capital Markets Tribunal extends this order in March 2023.
2023-02-05
NovaTech announces a 60-day withdrawal freeze for all investor accounts, effectively signaling insolvency.
2023-05-01
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.
2024-01-01
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.
2024-06-06
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.
2024-07-19
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.
2024-08-12
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.
2024-08-15
Defendant Martin Zizi partially settles with the SEC, agreeing to a $100,000 civil penalty and permanent injunction.
2024-12-03
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.
2025-03-31
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 and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/30/2026, 7:10:17 PM
last updated: 5/30/2026, 7:10:20 PM
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