novatech

They took in $1.16 billion, but only $26 million actually went into trading: even scammers might think NovaTech’s books are too blatant.

New York Attorney General Letitia James has asked a court to order NovaTech founders Cynthia and Eddy Petion to pay $1.37 billion.
Of that, $1.13 billion is to be returned to investors, and $232.5 million is interest.
From August 2019 to May 2023, investors deposited about $1.16 billion into NovaTech wallets, but only about $26 million was sent to broker B2Broker for trading—and those trades lost $18.2 million.

Meanwhile, at least $134.5 million in withdrawals went to wallets linked to the founders.
The couple have yet to appear in court after a default judgment in August 2025; prosecutors say they have left the country.
Four other promoters have agreed to pay nearly $6 million to compensate victims.

To me, the most gut-wrenching part of this case isn’t the amount—it’s the method: promises of “guaranteed” weekly returns of 2% to 4%, combined with prayer groups and WhatsApp recruitment, targeting people who are most inclined to believe in “steady” returns.
If high returns were really that reliable, would they need to recruit you in a group chat?

Sources: New York Attorney General’s Office court filing, Cointelegraph / The Block (reports dated 2026-10-23).
What do you believe: was this an “investment gone wrong,” or a scheme from the very beginning?
$BTC
#NovaTech #庞氏骗局 #Cryptocurrency

New York’s attorney general is really cracking down this time: On October 22, she asked a court to recover $1.37 billion from NovaTech founders Cynthia and Eddy Petion—$1.135 billion in ill-gotten gains, plus $232 million in prejudgment interest. The couple were held liable by default in August 2025, then fled without even turning over the investor records the court demanded. The most damning figures are in those records: Investors sent $1.16 billion to NovaTech’s CoinPayments account, but only $26 million actually made it onto the trading platform—just over 2%. The rest went toward “returns” for earlier investors and promotional commissions. More than 11,000 New Yorkers were caught up in it, many of them Haitian immigrants and members of church communities. The four promoters who settled paid a combined total of only about $6 million to compensate victims—not even a drop in the bucket. The court has yet to rule on whether the $1.37 billion can be collected, but the figure itself is a monument to every scheme promising “guaranteed returns of 2%–4% a week”: the more certain the promised returns, the uglier the getaway. #NovaTech #CryptoScam

First, here’s a piece of news that sounds like a cause for celebration: New York’s attorney general has filed a $1.37 billion restitution claim with the court against the married founders of the Ponzi scheme NovaTech. That includes $1.16 billion in investor deposits, $1.13 billion in repayments plus $230 million in interest—the kind of eye-popping numbers that make it seem like justice has finally been served.

Then comes the twist: the couple fled the U.S. back in 2022, and last August the court issued a default judgment against them. In other words, this $1.37 billion claim is against two people who aren’t in the U.S. and have no money in their accounts. The books are even more gut-wrenching: of the $1.16 billion deposited, only $26 million actually made it to traders. The rest was new investors’ money used to pay older investors supposedly guaranteed weekly returns.

So far, the only money actually available to distribute to victims is the $5.98 million in settlements paid by four promoters. More than 11,000 New York victims are getting only a fraction of what they lost.

So here’s the question: do you think this $1.37 billion judgment is the final word in justice, or a check that’ll never clear? Pick a side in the comments: A. I’ll eat my words if they ever recover it—this is just a worthless piece of paper. / B. A judgment is better than nobody doing anything; at least they’ve been nailed to the wall of shame.

$BTC $ETH $SOL #NovaTech #庞氏骗局 #NewYork

The scam’s aftermath: staggering figures.

The New York Attorney General has asked a court to order the bankrupt founder of NovaTech and affiliated parties to pay approximately $1.37 billion in restitution, including about $1.13 billion in investor funds and another $230 million in interest. A scheme built around a dual pitch of forex and crypto has ultimately ended in civil recovery.

Promises of high returns and multi-level referrals—schemes like these keep blowing up. Compliance and transparency around custody remain the only hard indicators retail investors can screen for in advance.

#监管 #安全 #NovaTech #Crypto

New York’s attorney general is asking a court for $1.37 billion: NovaTech’s founders fled, but they still have to answer for the money.

On October 22, New York Attorney General James announced that four NovaTech promoters had reached a settlement, agreeing to pay nearly $5.98 million in total and accept lifetime bans from the securities, commodities, and crypto industries.
That same day, prosecutors filed another motion asking the court to order founders Cynthia and Eddy Petion to pay about $1.37 billion: $1.1345 billion in principal and $232.5 million in interest.
Prosecutors’ records show that from August 2019 to May 2023, of the $1.1605 billion in crypto deposited by investors, only $25.99 million was sent to the trading platform B2Broker—and it lost $18.19 million.

At least $134.5 million went into the founders’ own wallets.

I think the most disturbing thing about this case isn’t the amount, but that almost none of the money was ever traded: the so-called 2% to 4% weekly returns were basically paid to earlier investors with money from new ones.

I see this case as a sign of regulators pursuing fugitives, not as a signal that victims will get their money back: the founders have fled the U.S., and how much they’ll be ordered to pay—and how much will actually be recovered—are both unknown.
If the court later orders them to pay the full amount, or a substantial amount of assets is recovered, this assessment will no longer hold.

What do you think will happen with these astronomical claims against founders who fled—will most of the money be recovered, or will the court just hand down a big number that looks good on paper?

$BTC $ETH $SOL
#NovaTech #CryptoRegulation

Raised $1.16 billion, with only $26 million in genuine trades — New York’s attorney general is suing NovaTech’s founder couple, seeking $1.37 billion ($1.13 billion in restitution + $230 million in interest). From 2019 to 2023, they claimed to engage in “crypto trading,” but 97% of the money never entered the market. The scheme is suspected of being a Ponzi scheme. Four promoters agreed to pay $6 million in penalties and are barred from the industry. What they took wasn’t market gains, but trust.
Have you ever fallen for a “high-yield investment” trap? Share your story in the comments.

$BTC $ETH $USDT
#NovaTech #庞氏骗局 #CryptoRegulation
(Source: Coinfomania)
⚠️Risk warning: The above is shared for informational purposes only and does not constitute investment advice. Investing involves risk; please exercise caution.

New York seeks $1.3 billion from NovaTech after couple flees to the U.S.

- New York wants to collect $1.3 billion from NovaTech’s founders
- The NovaTech platform received $1.16 billion
- The platform traded only a small fraction of the total capital
#BinanceSquare #CryptoNews #NovaTech #Web3 #Blockchain

$btc $eth

vlikevn Titanbot

Source: The Block

Came across this post from the New York Attorney General’s Office: Four key promoters of the NovaTech / AWS Mining crypto pyramid scheme will pay back nearly $6 million combined and are permanently barred from the securities, commodities, and crypto industries.

The key details: Attorney General Letitia James announced the settlement on October 22 — about $2.9 million from Martin Zizi, about $2.05 million from Frantz Ciceron, $750,000 from James Corbett, and about $276,000 from Ricardo Roy Sr. The case alleges they targeted Haitian and other immigrant communities, using promises of high returns to recruit people through prayer groups, social media, and WhatsApp. More than 11,000 New York investors were affected, losing tens of millions of dollars. Between August 2019 and April 2023, NovaTech received more than $1 billion in equivalent crypto deposits, but traded less than $26 million on the platform before collapsing in May 2023. That same day, the state also asked the court to order founders Cynthia and Eddy Petion to pay about $1.3 billion more; they have fled after a default judgment was entered against them.

Be careful of schemes that recruit through prayer groups and pump things on WhatsApp.

#加密诈骗 #纽约州 #NovaTech