NovaTech Ltd. / Cynthia Petion — $650M Crypto MLM Fraud
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anchored·kZs67V…eB1nSummary
NovaTech Ltd. (also marketed as NovaTech FX), incorporated in St. Vincent and the Grenadines and operated by Cynthia and Eddy Petion, is alleged by U.S. and Canadian regulators to have operated a fraudulent multi-level marketing and crypto investment scheme from June 2019 through May 2023 that raised more than $650 million from over 200,000 investors worldwide. The SEC filed a civil complaint on August 12, 2024, alleging the scheme functioned as a Ponzi, with new investor funds used to pay earlier participants rather than traded as claimed. Regulatory bodies in three jurisdictions — the U.S. SEC, Ontario's Capital Markets Tribunal, and the Maryland Securities Commissioner — have each taken enforcement action; as of the investigation date, the SEC civil litigation remains ongoing and no criminal convictions have been entered.
Connected Entities
1 entities · 10 linked investigations- + 1 more
Timeline(11 events)
June 2019
NovaTech Ltd. begins operating as a crypto and forex MLM investment platform, soliciting investors primarily in the Haitian-American community. Approximate start date per SEC complaint.
SEC Press Release 2024-95June 2022
Cynthia and Eddy Petion reportedly sell their Florida home and relocate to Panama, registering companies and opening bank accounts there, according to SEC filings.
SEC sues NovaTech FX's Petions and Ponzi promoters — BehindMLMFebruary 2023
NovaTech begins to collapse; investors report inability to withdraw funds. Approximate date per Maryland Final Order.
NovaTech FX and Petions fined $110 million by Maryland — BehindMLMMay 2023
NovaTech scheme fully collapses. Most investors are unable to withdraw their investments, resulting in substantial losses per the SEC complaint.
SEC Press Release 2024-959 January 2024
Ontario Capital Markets Tribunal grants a motion to waive service and other procedural relief, enabling proceedings to advance despite NovaTech's non-appearance.
Decision in Brief: Nova Tech Ltd — Motion to waive service, January 9, 2024 — Capital Markets Tribunal6 June 2024
New York Attorney General Letitia James files lawsuit against NovaTech FX and AWS Mining, alleging over $1 billion raised from investors with less than $26 million actually traded.
NY AG Press Release: Attorney General James Sues Cryptocurrency Companies NovaTechFX and AWS Mining19 July 2024
Ontario Capital Markets Tribunal issues merits decision finding NovaTech Ltd. violated Ontario securities law through unregistered trading, illegal distribution, and breach of a prior cease-trade order.
Decision in Brief: Nova Tech Ltd — Merits, July 19, 2024 — Capital Markets Tribunal12 August 2024
SEC files civil complaint (case 1:24-cv-23058, S.D. Fla.) against NovaTech Ltd., Cynthia Petion, Eddy Petion, and six named promoters alleging a $650 million crypto fraud and pyramid scheme. SEC also announces charges via Press Release 2024-95.
SEC Press Release 2024-953 December 2024
Ontario Capital Markets Tribunal imposes sanctions on NovaTech Ltd. and Cynthia Petion: $2.5 million joint administrative penalty, $31,000 disgorgement, $193,333.52 in costs, and permanent bans from Ontario capital markets.
Decision in Brief: Nova Tech Ltd — Sanctions and Costs, December 3, 2024 — Capital Markets Tribunal23 December 2024
Maryland Securities Commissioner issues show-cause order against NovaTech and the Petions. Respondents do not answer.
NovaTech FX and Petions fined $110 million by Maryland — BehindMLM9 July 2025
Maryland Securities Commissioner issues Final Order imposing $110 million civil monetary penalty against NovaTech Ltd., NovaTech Advisors LLC, NovaPay LLC, NovaTrading OU, Cynthia Petion, and Eddy Petion for violations of the Maryland Securities Act.
Maryland Securities Commissioner Final Order — NovaTech FX (July 9, 2025)Decision Log
- hash: 9oCiASXz4s9zKavUgjbdw2LYMBRbqY9bwYosqfN5REs6
- hash: ASGFvc2jTf2xsZNoZygC5xyaMTQEw9gRPc49mduDZjb
- hash: HXW8xfGPHq3YX4V4NuQ3n1YqfKime4j7PwfMWd3MuxaC
This investigation is cryptographically anchored to the Solana blockchain (3 events). 18 of 20 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/13/2026, 5:06:03 PM
last updated: 8/25/2026, 2:17:23 PM
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