US SEC charges NovaTech Ltd. and founders with $650M crypto fraud involving 200K investors worldwide.
The US Securities and Exchange Commission (SEC) has filed charges against NovaTech Ltd., its founders Cynthia and Eddy Petion, and promoters for allegedly running a $650 million fraudulent crypto scheme that duped over 200,000 investors worldwide. The SEC claims the company, which operated as a multi-level marketing (MLM) and crypto asset investment program, used investor funds to pay existing investors and promoters, rather than securely investing in cryptocurrencies and foreign exchange markets. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, and civil penalties against the defendants.
August 12, 2024
13 Articles