Overview

• 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.