The U.S. Securities and Exchange Commission (SEC) is suing a crypto startup, NovaTech, for allegedly fraudulently raising more than $650 million from over 200,000 investors, many in the Haitian-American community. The SEC frames NovaTech, founded in 2019 by husband-and-wife duo Cynthia and Eddy Petion, as a multi-level marketing (MLM) scheme — one that lured investors
By Jonathan Stempel NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Monday sued the cryptocurrency company NovaTech and its married co-founders, saying they fraudulently raised over $650 million from more than 200,000 investors worldwide, including many Haitian-Americans. NovaTech and co-founders Cynthia and Eddy Petion allegedly promised investors their money would be safe,
New York Attorney General Leticia James has filed a lawsuit against crypto platform NovaTechFx. The lawsuit claims the company defrauded thousands, targeting immigrant and religious communities. Founder and “Reverend CEO” Cynthia Petion called her investors a “cult,” the lawsuit says. It was once one of the fastest-growing financial platforms on the market. Now, the New