June 15, 2024

Introductory Insight

New York Attorney General, Letitia James has announced a lawsuit against cryptocurrency platform, NovaTechFX. The founders, Cynthia and Eddy Petion, and other individuals are accused of orchestrating a $1 billion Ponzi scheme preying mainly on New York’s Haitian population via prayer and Creole-language social media groups.

Eddy Petion put on an act of discovering a Paraguay mine fire live, and Cynthia Petion falsely claimed that FBI had handed them a 700-page report confirming their authenticity. Cynthia, aka “Reverend CEO”, spoke about her mostly Haitian cryptocurrency scheme followers as a cult set on becoming millionaires.

Cynthia suggested they keep the money destination a mystery. She stated, “When asked where the money is going…keep it vague. You can be funding a housing project, buying a new car, or filling your swimming pool with bitcoin to swim in.”

Official Charges

After a considerable period of suspicious behavior, the couple was officially charged for defrauding Haitians through their cryptocurrency investment platform, [NovaTechFX](https://novatech-fx.com/), on June 6. Attorney General James [announced](https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining) that the lawsuit was filed following an investigation that showed NovaTech allegedly scammed at least 11,000 New York-based investors among hundreds of thousands globally, facilitated over $1 billion in cryptocurrency transactions, and only traded about $26 million.

Cynthia Petion, the CEO, Eddy Petion, the COO, and mainly AWS Mining, are among the accused. Other defendants include top promoters and recruiters James Corbett, Martin Zizi, and Frantz Ciceron, and several associated companies. James stated they had falsely promised better lives to thousands of New Yorkers if they just trusted NovaTech and AWS Mining with their money.

Operation of the NovaTech Scheme

The attorneys’ allegations indicate that in the NovaTech lawsuit, the Petions started operating through AWS Mining, where they were top recruiters. This company, which is now defunct, had guaranteed high returns to investors via cryptocurrency “mining”.

After the collapse of AWS Mining, the Petions founded NovaTechFx, falsely purporting to be a hedge fund broker. They, together with their promoters, deceitfully informed people that AWS Mining was now a real mining company that generated its revenue through mineral extraction. They claimed foreign exchange (FX) and cryptocurrency trades as their other income sources.

### Dawn of the Ponzi Scheme ###

When the EminiFX case unfolded, the community called for the investigation of platforms like Novatech. Even within cryptocurrency circles, its authenticity has been challenged.

NovaTech’s Corruption Viewed as a “Cult”

The striking aspect of the Novatech saga, as depicted in the complaint, is the operators’ bold contempt for their investors in private conversations. Despite proclaiming their company as a potential wealth increaser, they privately ridiculed their ambitious investors.

The Petions may be residing in Panama currently. The contact through the NovaTechFX site or the online listed number for Ciceron did not yield a response.

Frequently Asked Questions

1. What allegations are NovaTech facing?

NovaTech, under the leadership of its founders Cynthia and Eddy Petion, is being sued for allegedly operating a $1 billion Ponzi scheme, primarily exploiting the Haitian community in New York. It’s claimed they used prayer groups and Creole language groups on social media to target their victims.

2. Who are the people implicated in the NovaTech lawsuit?

Besides NovaTech and its founders Cynthia and Eddy Petion, other figures implicated in the lawsuit include AWS Mining and major promoters and recruiters such as James Corbett, Martin Zizi and Frantz Ciceron. Several companies affiliated with the group have also been named.

3. How did the NovaTech operation work?

NovaTech, through AWS Mining, initially promised high returns to investors by “mining” cryptocurrency. However, when AWS Mining went bust, the founders then set up NovaTechFx, falsely claiming it to be a hedge fund broker. The company is said to have made wild, unfulfilled promises to lure investors.