NovaTech Ltd.
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anchored·5Yf6Di…ppDRSummary
NovaTech Ltd. (also marketed as NovaTech FX) was a crypto trading and multi-level marketing program incorporated in St. Vincent and the Grenadines and operated by Cynthia and Eddy Petion from June 2019 through May 2023. The SEC alleges it raised more than $650 million from over 200,000 investors worldwide — largely from Haitian-American communities — while conducting only a small fraction of the promised trading. The scheme collapsed in May 2023; the SEC filed civil fraud charges in August 2024 and the Petions had not been served as of mid-2025, reportedly located in Panama.
Connected Entities
1 entities- + 12 more
Timeline(12 events)
1 January 2019
AWS Mining, a predecessor scheme allegedly run by the Petions, collapsed after promising 15–20% monthly returns.
NY Attorney General Press Release1 June 2019
NovaTech Ltd. begins operations, marketing itself as a crypto and forex trading investment platform with MLM recruitment structure.
SEC Press Release 2024-9511 October 2022
British Columbia Securities Commission issues a securities fraud warning against NovaTech FX, the first Canadian regulatory action.
BehindMLM: NovaTech FX Securities Fraud Warning from Canada (BC)1 November 2022
California Department of Financial Protection and Innovation issues a cease and desist order against NovaTech FX for securities fraud — the first U.S. regulatory enforcement action.
BehindMLM: NovaTech FX Securities Fraud Cease & Desist from California1 December 2022
Ontario Securities Commission issues a fraud warning against NovaTech FX.
BehindMLM: NovaTech FX a No-Show at Ontario Securities Fraud Hearing16 February 2023
Ontario Securities Commission converts its fraud warning against NovaTech into a temporary cease trading order.
BehindMLM: NovaTech FX a No-Show at Ontario Securities Fraud Hearing1 May 2023
NovaTech collapses. Investors begin experiencing withdrawal delays and are unable to recover funds. Platform ceases operations.
SEC Press Release 2024-951 June 2024
New York Attorney General Letitia James files a civil lawsuit against NovaTechFX and AWS Mining on behalf of over 11,000 New York investors, alleging over $1 billion in total crypto fraud.
NY Attorney General Press Release12 August 2024
SEC files civil fraud complaint against NovaTech Ltd., Cynthia Petion, Eddy Petion, and six promoters in the U.S. District Court for the Southern District of Florida, alleging $650 million raised from 200,000+ investors.
SEC Press Release 2024-9512 August 2024
Martin Zizi enters a partial settlement with the SEC: permanent injunction and $100,000 civil penalty, without admitting or denying charges. Disgorgement amount to be determined by the court.
BehindMLM: Victim Restitution Details in Martin Zizi's NovaTech FX Settlement1 October 2024
SEC files a service of process request with the Panamanian Central Authority seeking to serve the Petions.
BehindMLM: NovaTech FX's Petions May Be Hiding in Dubai, Says SEC30 September 2025
Court denies SEC's motion for alternative service of process on the Petions, finding the agency had not adequately demonstrated exhaustion of service options in Dubai. SEC directed to refile.
BehindMLM: NovaTech FX's Petions May Be Hiding in Dubai, Says SECDecision Log
- hash: CkwqJTrigR1Wv9G2WBMiojaFGaUsFCW2ayFdGU5Lykmi
This investigation is cryptographically anchored to the Solana blockchain (1 event). 16 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/30/2026, 7:10:17 PM
last updated: 9/1/2026, 10:15:31 AM
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