Edit: NovaTechFX — CryptoScamsWiki

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> **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]

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