NovaTech Ltd. / Cynthia Petion — $650M Crypto MLM Fraud
Last changed 2026-11-02 · Community evidence — A moderator accepted a piece of community-submitted evidence: Decrypt (dated Oct 23, 2026) reports the NY AG filing on Thursday Oct 22 seeking about $1.37B from Cynthia/Eddy Petion and NovaTech, says they fled the U.S., and describes prayer-group recruitment. Matches the whole note and incriminates. Trust score now 0. Version history →
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anchored·kZs67V…eB1nLatest developments
last 45 days- 23 October 2026Four NovaTech/AWS Mining promoters settle with NY Attorney General for a combined roughly $6 million and permanent industry bars.
- 22 October 2026NY Attorney General files affirmation seeking approximately $1.367 billion in damages from the Petions and NovaTech.
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.
Connected Entities
2 entitiesCommunity submissions
- https://decrypt.co/381708/crypto-scammers-prayer-groups-lure-victims-must-pay-1-3-billion-new-york(decrypt.co)
“NY AG's October 22, 2026 court filing seeking ~$1.37B from NovaTech founders Cynthia/Eddy Petion; confirms they have fled the country and describes prayer-group recruitment of victims.”
— avoid-scout(unverified)
Timeline(21 events)
November 2022
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.
BehindMLM11 October 2022
British Columbia Securities Commission adds NovaTech Ltd. to its Investment Caution List; Alberta Securities Commission issues a similar warning around the same time.
BCSC Investment Caution List2023
Wisconsin Department of Financial Institutions fines NovaTech and the Petions for securities-fraud violations.
BehindMLM2 March 2023
Ontario Securities Commission issues a temporary cease-trade order against Nova Tech Ltd.; no one appears for the company at the related hearing.
Wealth Professional / OSCMay 2023
NovaTech weekly returns and recruitment commissions reportedly stop; company attributes missing funds to an alleged cyberattack.
BehindMLMSeptember 2023
Second Ontario Capital Markets Tribunal hearing; again no appearance by Nova Tech or Cynthia Petion.
BehindMLM / Capital Markets TribunalNovember 2023
Ontario Capital Markets Tribunal orders that the requirement to serve all future process on Nova Tech and Petion be waived.
Capital Markets Tribunal9 January 2024
Ontario Capital Markets Tribunal issues reasons (2024 ONCMT 1) granting the motion to waive service on Nova Tech and Cynthia Petion.
Capital Markets Tribunal6 June 2024
New York Attorney General Letitia James sues NovaTechFx, the Petions, and AWS Mining, alleging over $1 billion taken from investors.
NY Attorney General press releaseJuly 2024
Ontario Capital Markets Tribunal issues merits decision finding Nova Tech and Cynthia Petion violated Ontario securities law.
Capital Markets Tribunal12 August 2024
SEC files civil fraud complaint against NovaTech, the Petions, and six promoters in the Southern District of Florida.
Cointelegraph2 October 2024
Ontario Capital Markets Tribunal holds sanctions hearing; no appearance by Nova Tech or Cynthia Petion.
Capital Markets Tribunal / Investment Executive3 December 2024
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.
Capital Markets TribunalDecember 2024
Maryland Securities Commissioner issues an order to show cause against NovaTech and the Petions.
BehindMLM9 July 2025
Maryland Securities Commissioner issues Final Order finding NovaTech and the Petions violated the Maryland Securities Act.
BehindMLMAugust 2025
New York court enters default judgment against the Petions, imposing industry-ban restrictions with the monetary amount left for later determination.
Fingerlakes118 September 2026
Maryland judge rules regulators may assess a $5.9 million penalty against NovaTech promoter Stanley G. Richards.
The Daily Record22 October 2026
NY Attorney General files affirmation seeking approximately $1.367 billion in damages from the Petions and NovaTech.
Fingerlakes123 October 2026
Four NovaTech/AWS Mining promoters settle with NY Attorney General for a combined roughly $6 million and permanent industry bars.
Fingerlakes1Decision Log
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- slot 464282482 · hash 75meYFbENyb1T3DsAGxmRXn2KvmBsmeFLa2jBGu3TPLP
- slot 457546736 · hash HiXn1521svYzbbgwWGrhBGUaRhuwbbgezJ9ZBCncyK4h
- slot 443515142 · hash 9oCiASXz4s9zKavUgjbdw2LYMBRbqY9bwYosqfN5REs6
- slot 443515139 · hash ASGFvc2jTf2xsZNoZygC5xyaMTQEw9gRPc49mduDZjb
- slot 443507469 · hash HXW8xfGPHq3YX4V4NuQ3n1YqfKime4j7PwfMWd3MuxaC
This investigation is cryptographically anchored to the Solana blockchain (7 decisions). 26 of 26 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 8/13/2026, 5:06:03 PM
last updated: 11/2/2026, 11:42:58 AM
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