Verify a decision

{"actor":"system:backfill","investigation_id":"dab5d9ab-26bb-4c35-90b5-d4c4ca25d449","kind":"publish","page_slug":"novatech-ltd","published_at":"2026-05-30T19:10:20.449Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"NovaTech Ltd.","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.sec.gov/newsroom/press-releases/2024-95","type":"other","url":""},{"credibility":3,"name":"https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining","type":"other","url":""},{"credibility":3,"name":"https://www.aol.com/wellington-couple-scammed-investors-650-090612418.html","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.sec.gov/newsroom/press-releases/2024-95","type":"other","url":""},{"credibility":3,"name":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26072","type":"other","url":""},{"credibility":3,"name":"https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/310780/sec-charges-novatech-with-allegedly-operating-a-pyramid-scheme-that-raised-650-million-in-crypto","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.sec.gov/newsroom/press-releases/2024-95","type":"other","url":""},{"credibility":3,"name":"https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/310780/sec-charges-novatech-with-allegedly-operating-a-pyramid-scheme-that-raised-650-million-in-crypto","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.securities-administrators.ca/news/canadian-securities-regulators-warn-public-about-unregistered-trading-platform-nova-tech-ltd/","type":"other","url":""},{"credibility":3,"name":"https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2022/novatech-ltd","type":"other","url":""},{"credibility":3,"name":"https://www.osc.ca/en/news-events/news/osc-investor-alert-nova-tech-ltd","type":"other","url":""},{"credibility":3,"name":"https://dfpi.ca.gov/enforcement_action/nova-tech-ltd/","type":"other","url":""},{"credibility":3,"name":"https://www.investmentexecutive.com/news/from-the-regulators/sec-alleges-crypto-scheme-was-a-ponzi/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.sec.gov/newsroom/press-releases/2024-95","type":"other","url":""},{"credibility":3,"name":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26072","type":"other","url":""},{"credibility":3,"name":"https://techcrunch.com/2024/08/12/sec-charges-crypto-firm-novatech-with-fraud/","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/310780/sec-charges-novatech-with-allegedly-operating-a-pyramid-scheme-that-raised-650-million-in-crypto","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining","type":"other","url":""},{"credibility":3,"name":"https://www.cryptotimes.io/2024/06/07/new-york-ag-sue-novatech-and-aws-mining-for-1b-fraud/","type":"other","url":""},{"credibility":3,"name":"https://financefeeds.com/new-york-sues-novatech-over-1-billion-crypto-pyramid-scheme/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.capitalmarketstribunal.ca/en/proceedings/decisions-in-brief/decision-brief-nova-tech-ltd-enforcement-proceeding-sanctions-and-costs-december-3-2024","type":"other","url":""},{"credibility":3,"name":"https://www.capitalmarketstribunal.ca/en/proceedings/decisions-in-brief/decision-brief-nova-tech-ltd-enforcement-proceeding-merits-july-19-2024","type":"other","url":""},{"credibility":3,"name":"https://behindmlm.com/companies/novatech-fx/novatech-fx-cynthia-petion-fined-2-5-million-in-canada/","type":"other","url":""},{"credibility":3,"name":"https://www.investmentexecutive.com/news/from-the-regulators/tribunal-sanctions-nova-tech-crypto-scheme/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://behindmlm.com/companies/novatech-fx/novatech-fx-2-3-billion-rico-class-action-filed-in-new-york/","type":"other","url":""},{"credibility":3,"name":"https://www.offshorealert.com/avis-mullins-v-novatech-et-al-class-action-complaint-2-3b-novatechfx-ponzi-scheme/","type":"other","url":""}]}],"sources_used":[],"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.","timeline":[{"date":"2017-01-01","event":"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.","source":""},{"date":"2019-01-01","event":"AWS Mining collapses after the Texas State Securities Board accuses the company of making false and misleading statements. Investors suffer significant losses.","source":""},{"date":"2019-08-01","event":"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.","source":""},{"date":"2022-10-01","event":"The British Columbia Securities Commission and Alberta Securities Commission issue simultaneous investor warnings about NovaTech Ltd., citing unregistered trading activity.","source":""},{"date":"2023-01-01","event":"The Ontario Securities Commission issues a cease trade order against NovaTech. The Capital Markets Tribunal extends this order in March 2023.","source":""},{"date":"2023-02-05","event":"NovaTech announces a 60-day withdrawal freeze for all investor accounts, effectively signaling insolvency.","source":""},{"date":"2023-05-01","event":"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.","source":""},{"date":"2024-01-01","event":"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.","source":""},{"date":"2024-06-06","event":"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.","source":""},{"date":"2024-07-19","event":"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.","source":""},{"date":"2024-08-12","event":"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.","source":""},{"date":"2024-08-15","event":"Defendant Martin Zizi partially settles with the SEC, agreeing to a $100,000 civil penalty and permanent injunction.","source":""},{"date":"2024-12-03","event":"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.","source":""},{"date":"2025-03-31","event":"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.","source":""}]},"v":1}