NovaTechFX
A multi-level-marketing 'crypto and forex' investment program that the SEC says raised more than $650M from over 200,000 investors (2019–2023), many in the Haitian-American community. The SEC charged founders Cynthia and Eddy Petion in 2024, alleging a fraudulent Ponzi/pyramid scheme.
Also known as: NovaTech, NovaTechFX, NovaTech Ltd
Note: The Petions have been charged civilly by the SEC and several state regulators; the allegations below have not been adjudicated.
Summary
NovaTech (NovaTechFX) was a multi-level-marketing investment program registered in St. Vincent and the Grenadines. According to the SEC, from June 2019 to about May 2023 it raised crypto assets worth more than $650 million from over 200,000 investors in the U.S. and abroad, targeting many in the Haitian-American community. [1][2]
Mechanism
The SEC alleges founders Cynthia and Eddy Petion told investors NovaTech would trade their funds on crypto and forex markets and that deposits were safe — Cynthia Petion assured investors they were "in profit from day one." In reality, the SEC says, most investor money was used to pay earlier investors and promoter commissions, with only a fraction traded, while the Petions siphoned millions for themselves. [1][2]
Status
When NovaTech collapsed, most investors could not withdraw funds. The SEC charged the Petions and several promoters in August 2024; state regulators (including Maryland) brought parallel actions. The Petions' whereabouts have been reported as unknown, and the SEC has sought alternative service. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
- Cynthia PetionCo-founderIndividualsCo-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.
- Eddy PetionCo-founderIndividualsCo-founder of NovaTech with his wife Cynthia Petion. The SEC alleges the couple operated NovaTech as a $650M crypto/forex Ponzi and pyramid scheme. Charged civilly by the SEC in 2024.
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.