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- 📝 SEC sues Novatech
📝 SEC sues Novatech
Liam Gill
August 13, 2024
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News of the Day
The SEC is suing crypto startup NovaTech for allegedly raising over $650 million through a fraudulent multi-level marketing scheme that targeted over 200,000 investors, many from the Haitian-American community. Founded by Cynthia and Eddy Petion in 2019, NovaTech claimed to invest in profitable crypto and forex markets but reportedly used most investor funds to pay existing investors and promoters, with the Petions siphoning millions for themselves. The SEC's lawsuit also names several promoters and seeks penalties, highlighting the agency's broader crackdown on crypto fraud.
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