SEC Charges NovaTech with $650M Crypto Fraud

The cryptocurrency company and its promoters allegedly deceived 200,000 investors, primarily targeting Haitian-American communities.

NovaTech founders Cynthia and Eddy Petion misled investors with promises of secure returns from crypto and forex markets.
The scheme operated as a Ponzi scheme, using new investments to pay earlier investors and fund personal gains.
The fraudulent activities spanned from 2019 until the company's collapse in May 2023.
The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, and civil penalties.
One promoter has agreed to a partial settlement, paying a $100,000 civil penalty.