Cynthia Petion
Co-founder and self-described CEO ('Reverend CEO') of NovaTech. The SEC alleges she and her husband ran NovaTech as a $650M crypto/forex Ponzi and pyramid scheme and siphoned millions for themselves. Charged civilly by the SEC in 2024.
Also known as: Reverend CEO
Note: Cynthia Petion has been charged civilly by the SEC; the allegations have not been adjudicated.
Bio
Cynthia Petion co-founded NovaTech with her husband Eddy Petion and presented herself as its CEO. The SEC alleges she promised investors their money would be traded safely on crypto and forex markets and that they were "in profit from day one." [1][2]
Status
The SEC's August 2024 complaint alleges NovaTech operated as an MLM Ponzi/pyramid scheme that raised more than $650 million, and that the Petions diverted millions to themselves. The complaint reports the Petions evaded the SEC's subpoenas; their location has been reported as unknown. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
