Close Menu
StreamLineCrypto.comStreamLineCrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT
  • Defi
  • Blockchain
  • Metaverse
  • Regulations
  • Trading
What's Hot

Grayscale Stakes 32,000 Ethereum Worth $150 Million – Institutional Demand Grows

October 7, 2025

CEA nears 1% BNB goal as asset value reaches new ATH

October 7, 2025

BlackRock’s Bitcoin ETF Nears $100 Billion, Becomes Firm’s Most Profitable Fund

October 7, 2025
Facebook X (Twitter) Instagram
Tuesday, October 7 2025
  • Contact Us
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms of Use
  • DMCA
Facebook X (Twitter) Instagram
StreamLineCrypto.comStreamLineCrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT
  • Defi
  • Blockchain
  • Metaverse
  • Regulations
  • Trading
StreamLineCrypto.comStreamLineCrypto.com

SEC charges NovaTech founders, promoters with $650 million crypto fraud

August 12, 2024Updated:August 12, 2024No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
SEC charges NovaTech founders, promoters with 0 million crypto fraud
Share
Facebook Twitter LinkedIn Pinterest Email
ad



SEC charges NovaTech founders, promoters with $650 million crypto fraud

The US Securities and Trade Fee (SEC) has filed costs towards NovaTech Ltd., its founders, and several other individuals who promoted the agency for orchestrating a fraudulent scheme that victimized over 200,000 traders worldwide.

The regulator’s grievance alleges that NovaTech — based by Cynthia Petion and Eddy Petion —  posed as a official multi-level advertising firm and raised over $650 million in a pyramid scheme that primarily focused the Haitian-American group, amongst others.

The fees filed within the US District Court docket for the Southern District of Florida embrace violations of federal securities legal guidelines’ antifraud and registration provisions.

SEC costs

In response to the SEC’s grievance, NovaTech operated from 2019 via 2023, promising traders that their funds could be invested in crypto and overseas trade markets.

The Petions assured traders that they’d see income from the outset, with Cynthia Petion famously stating:

“On this program, you’re in revenue from day one, as a result of once more you’ve got entry to that capital.”

Nonetheless, the SEC alleged that as a substitute of investing nearly all of the funds, the Petions used them to pay current traders and promoters whereas siphoning tens of millions for his or her private use.

The grievance additionally highlighted that when NovaTech finally collapsed, most traders had been unable to withdraw their investments, leading to vital monetary losses.

Promoters implicated

The SEC additionally charged a number of prime NovaTech promoters, together with Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano, and Marsha Hadley, with recruiting new traders.

Regardless of turning into conscious of regulatory actions taken towards NovaTech by US and Canadian authorities, these promoters continued to recruit traders and downplayed the importance of those crimson flags.

In response to the SEC:

“NovaTech and the Petions brought about untold losses to tens of 1000’s of victims all over the world. As we allege, MLM schemes of this measurement require promoters to gas them, and right now’s motion demonstrates that we’ll maintain accountable not simply the principal architects of those large schemes but in addition promoters who unfold their fraud by unlawfully soliciting victims.”

The SEC seeks everlasting injunctive aid, disgorgement of ill-gotten positive aspects, and civil penalties towards all defendants.

One of many promoters, Zizi, has agreed to partially settle the fees, consenting to a $100,000 civil penalty and everlasting injunctions, with extra financial penalties to be decided later.

Newest Alpha Market Report



Source link

ad
charges Crypto founders fraud million NovaTech promoters SEC
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Related Posts

Grayscale Stakes 32,000 Ethereum Worth $150 Million – Institutional Demand Grows

October 7, 2025

CEA nears 1% BNB goal as asset value reaches new ATH

October 7, 2025

BlackRock’s Bitcoin ETF Nears $100 Billion, Becomes Firm’s Most Profitable Fund

October 7, 2025

Retail Investors Return to Binance As Bitcoin Hits New All-Time High

October 7, 2025
Add A Comment
Leave A Reply Cancel Reply

ad
What's New Here!
Grayscale Stakes 32,000 Ethereum Worth $150 Million – Institutional Demand Grows
October 7, 2025
CEA nears 1% BNB goal as asset value reaches new ATH
October 7, 2025
BlackRock’s Bitcoin ETF Nears $100 Billion, Becomes Firm’s Most Profitable Fund
October 7, 2025
Retail Investors Return to Binance As Bitcoin Hits New All-Time High
October 7, 2025
S&P Global unveils comprehensive benchmark merging crypto and equities
October 7, 2025
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms of Use
  • DMCA
© 2025 StreamlineCrypto.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.