Novatech News June 2023 Cnn, SEC has filed a lawsuit agains

  • Novatech News June 2023 Cnn, SEC has filed a lawsuit against NovaTech and its co-founders for allegedly defrauding investors of over $650 million. The Securities and Exchange Commission said Cynthia and Eddy Petion promoted a cryptocurrency pyramid scheme that targeted Haitian-American investors. When NovaTech collapsed in May 2023, the majority of the investors were unable to gain access to their funds, resulting in significant losses, the complaint said “NovaTech and the Petions caused untold losses to tens of thousands of victims around the world,” Eric Werner, Director of the SEC’s Fort Worth Regional Office, said. Securities and Exchange Commission on Monday sued the cryptocurrency company NovaTech and its married co-founders, saying they fraudulently raised over $650 million from more than 200,000 The latest news regarding NovaTech FX reveals a complete halt of all payouts since May 11th, marking the completion of an alleged exit scam. Footnote: Here is the full communication NovaTech FX sent out to investors on February 5th; Dear Novatech Member, Since June of 2019 our focus at NovaTech has been to stimulate financial awareness, to a culture unaware of the amazing possibilities in the crypto and forex industry. According to the SEC’s complaint, the Petions operated NovaTech as a multi-level marketing (MLM) and crypto asset investment program from 2019 through 2023. Is the SEC partly to blame for crypto fraud? This was the second U. Securities and Exchange Commission (SEC) on Monday sued the cryptocurrency company NovaTech and its married cofounders, saying they fraudulently raised more than $650 million from more NovaTech FX missing that deadline coincides with a 20% reduction in website traffic between January and February 2023. The US SEC cracks down on NovaTech, charging the company and its leaders with orchestrating a $650 million crypto scam that deceived over 200,000 investors. According to the SEC’s complaint, NovaTech and its promoters preyed on certain affinity groups – largely, Haitian Creole-speaking churchgoers in the U. The company owners and staff have also been charged. S. In June, New York Attorney General Letitia James also accused the trading firm and its principles of masterminding a criminal operation. is based in Taiwan, and customer service locations including: Taiwan, China, Vietnam News Release Atlantic Business Systems transitions branding to Novatech. The Ontario Securities Commission is taking steps to hold the company accountable. , world, weather, entertainment, politics and health at CNN. The SEC accused NovaTech of creating a fraudulent scheme worth $650 million The founders, Cynthia and Eddy Petion, and the platform’s promoters attached to the case This affected more than 200,000 investors who were unable to retrieve their funds in May 2023 Novatech, which collapsed in May 2023, has been sued by the SEC for intentionally creating a fraudulent scheme that cost investors $650 SUMMARY 1. 20. On March 2, 2023, the Capital Markets Tribunal (Ontario) extended a cease trade order issued by the Ontario Securities Commission, which requires, among other things, that NovaTech temporarily ceases all trading in any securities. Aug 12, 2024 · The U. The Petions likely hoped recruitment of new victims (and new investment) would pick up in 2023. The SEC aims to seek restitution and civil fines. The SEC uncovered a $650 million fraud by NovaTech Ltd. Securities and Exchange Commission. Reading between the lines, NovaTech FX withdrawals likely exceeded new investment sometime in late 2022. . The Petions According to the latest SEC press release, NovaTech, led by Cynthia and Eddy Petion, has orchestrated a deceptive multi-level marketing (MLM) and crypto investment scheme from 2019 to 2023. On February 5, 2023, NovaTech announced a temporary freeze in trading account withdrawals for a period of 60 days. After receiving the payments — which the investors intended to use for trading — NovaTechFx would transfer the funds "to a payment processor that did not trade cryptocurrency for NovaTech but The US Securities and Exchange Commission (SEC) has claimed that cryptocurrency company NovaTech and its co-founders on Monday (12 August) have fraudulently raised more than $650m from over The charges against Novatech, its founders, and promoters by the SEC and the subsequent legal developments signify a critical moment in the regulation of cryptocurrency investments. The SEC has charged NovaTech's founders and promoters for running a cryptocurrency Ponzi scheme, causing significant losses to investors. Get breaking news stories and in-depth coverage with videos and photos. Securities and Exchange Commission (SEC) filed suit against an alleged crypto pyramid scheme, NovaTech, and eight of its promoters on Monday, charging them with fraud and multiple Victims of NovaTech FX are advised to contact the SEC. NovaTech FX misses a second OSC Tribunal hearing in Canada amid allegations of running a Ponzi scheme. Through NovaTech, Defendants defrauded hundreds of nds of investors, including at least 11,000 New Y rk and Ciceron rising as NovaTech’s top The U. As a result of NovaTech FX’s securities fraud in Washington, DFI’s order, issued on an emergency basis, orders NovaTech FX and the Petions to cease and desist from offering and/or selling securities in any manner in violation of RCW 21. Co-founders Cynthia and Eddy Petion's current whereabouts are unknown, sparking rumors of their departure from the US. The New York AG said the scammers drew $1 billion from investors, including 11,000 from New York. NovaTech appears to offer investment products and trading services through its website. NovaTech case, involving allegations of a crypto-based Ponzi scheme, investor deception, and violations of federal securities laws. The lawsuit, filed on Monday, alleges multiple violations of federal securities laws and follows NovaTech's leaders are charged by the SEC for allegedly orchestrating a $650 million crypto fraud that deceived over 200,000 investors. Aug 15, 2024 · Novatech sold itself as a crypto fund with weekly returns, but turned out to be a Ponzi scheme. , its principals, and 6 promoters for $650M crypto investment fraud targeting 200K+ investors, including Haitian-Americans. So, I dug a little deeper. SEC charges NovaTech Ltd. From June 2019 to approximately May 2023, Cynthia Petion and Eddy Petion (together, the “Petions”) operated a fraudulent crypto trading investment and pyramid scheme primarily through NovaTech, a company registered in St. NovaTech’s founders ran a Ponzi scheme targeting immigrants in the US and their networks residing in other countries The Multi State Law Firm of Morris Legal announces a $2 billion securities fraud lawsuit against NOVATECH, its CEO CYNTHIA PETION and Co-conspirators. The SEC has obtained a court order to enforce an investigative subpoena against two promoters of the crypto investment scheme NovaTech. The U. Jun 11, 2024 · In private, they withdrew millions from the NovaTech accounts, secretly sold their house in Florida and fled to Panama in June 2022. , affecting over 200,000 investors globally. In June, New York Attorney General Letitia James separately sued NovaTech and AWS Mining for operating an illegal pyramid scheme. View the latest news and breaking news today for U. Use the CB Insights Platform to explore Novatech's full profile. Securities and Exchange Commission (SEC) has taken legal action against NovaTech, a cryptocurrency investment platform, and eight of its promoters, accusing them of running a fraudulent pyramid scheme that defrauded investors out of approximately $650 million over four years. Get Novatech Enterprises Inc (NTEI:OTCPK) real-time stock quotes, news, price and financial information from CNBC. NovaTech, founded in 2019 by Cynthia and Eddy Petion, is described by the SEC as a multi-level marketing (MLM) scheme that misled investors by claiming to invest in profitable crypto and foreign exchange markets. Nova Technology Corp. NovaTech’s owners, Cynthia and Eddy Petion, are charged by the SEC. NovaTech Ltd. The CSA noted that on February 5, 2023, NovaTech announced a temporary freeze in trading account withdrawals for a period of 60 days. When NovaTech collapsed in May 2023, the majority of investors were unable to withdraw any of their investment funds and suffered significant losses. The US Securities and Exchange Commission (SEC) has A couple who founded company NovaTech Ltd. Now the operator and promoter are being sued. , for operating a fraudulent scheme that raised more than $650 million in crypto assets from more than 200,000 investors worldwide, including many in the Haitian-American community. The US Securities and Exchange Commission has sued the cryptocurrency company Novatech, saying they fraudulently raised over USD 650 million from investors. As investors demanded to cash out their crypto accounts, NovaTech first came up with elaborate lies to cover up their fraud. Discover how we’re shaping the future of technology. We provide a wide range of quality services for major domestic and foreign well-known semiconductor plant, photonics plants, solar energy, biotech, pharmaceutical, chemical industrial manufacturers with the most competitive engineering team and professional technology and experience. Stay updated on Novatech’s latest news, strategic partnerships, and industry insights. is based in Taiwan, and customer service locations including: Taiwan, China, Vietnam The U. , allegedly operated a pyramid scheme that raised more than $650 million in cryptocurrency, according to the U. NovaTech is run by CEO Cynthia Petion and COO Eddy Petion, who seem to operate NovaTech from the US. The SEC is charging a crypto firm and its founders, as well as its promoters, for allegedly running a multi-level marketing scheme. After the collapse of AWS Mining, Defendants Petion decided to start their own eme, and by August of 2019, they unded and promoted what was to become an even larg investment fraud called NovaTech. The SEC’s complaint revealed that the founders ran NovaTech as a multi-level marketing (MLM) and crypto asset investment scheme from 2019 to 2023. As the scheme collapsed in 2022, withdrawal delays ensued, leading to the shutdown of NovaTech’s website in May 2023; penalties and recovery of funds are being pursued by the SEC. Aug 12, 2024 · The Securities and Exchange Commission today charged Cynthia and Eddy Petion, along with their company, NovaTech Ltd. watchdog to sue NovaTech over crypto fraud. Uncover details of the SEC v. Jun 6, 2024 · Crypto trading company NovaTechFX and crypto mining company AWS Mining Pty Ltd. Along with enhancing its Florida technology offering with the full Novatech Managed Office portfolio. The “official” Novatech group doesn’t allow posting, and is just for news releases, and this was the last post I saw: Nothing about withdrawal issues. Vincent and the Grenadines. /news/home/20250521133918/en/Novotech-Honored-with-Triple-Win-in-2025-Pharmaceutical-Technology-Excellence-Awards Novatech is a Managed IT & Printer Service provider offering on-site and remote support of network infrastructure and peripherals. Securities and Exchange Commission on Monday sued the cryptocurrency company NovaTech and its married co-founders, saying they fraudulently raised over $650 million from more than Jun 6, 2024 · An investigation by the Office of the Attorney General (OAG) found that from 2019 to 2023, investors deposited over one billion dollars’ worth of cryptocurrency in NovaTech but only a fraction, less than $26 million, was actually traded on NovaTech’s cryptocurrency trading platform. The Petions operated a crypto asset investment program between 2019 and 2023, luring investors with the claim that NovaTech would invest their money into crypto assets on foreign exchange markets The latest Novatech Industries stock prices, stock quotes, news, and history to help you invest and trade smarter. The regulator said that Zizi, Dunbar, Corbett, Sampson, Garofano and Hadley received “substantial commissions” as NovaTech’s lead promoters. The latest news and headlines from Yahoo News. 13% YoY and achieving the highest record for the same period in the previous year. 140, the securities registration section of the Securities Act of Washington. Among them, 25% of participants were attending Novatech for the second time or more, and 18% were young researchers or young professionals. defrauded investors out of more than $1 billion in cryptocurrency, New York Attorney General Letitia James (D) alleged in a lawsuit filed Thursday in Manhattan. From 2019 to 2023, they ran an MLM crypto investment program that promised Announced Monthly Revenue for June 2024 Nova Hits NT$4,613 Million in 1H24 Revenue, Surging 14. The SEC accused NovaTech of stealing $650 million dollars from investors. The SEC has taken significant legal action against NovaTech, a cryptocurrency company for crypto fraud alleging their involvement in a massive $650 million fraudulent scheme that targeted over 200,000 investors globally. The lawsuit filed in Miami federal court on Monday follows a similar legal move by New York Attorney General Letitia James, who, two months prior, filed a case against NovaTech and the Petions in Manhattan's state court. The Petions reportedly misled investors about the safety of their funds and used new investments to repay earlier ones. Get the latest Novatech Enterprises Inc (NTEI) real-time quote, historical performance, charts, and other financial information to help you make more informed trading and investment decisions. Lisbon, Portugal / Global – November 21, 2024 – Novatech, an innovative technology solutions company, and BI4ALL, a premier provider of business intelligence and… The SEC alleges the Petions ran a $650M Ponzi scheme, misleading investors by diverting funds to pay off existing investors. In 2023, the event brought together nearly 610 participants from 28 countries. , the multi-level marketing company has been charged for its part in a $650 million crypto fraud scheme. This scheme persisted for four years until NovaTech's eventual collapse in May 2023. The SEC also charged Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano, and Marsha Hadley for their roles in promoting NovaTech to investors. Many victims were from the Haitian-American community. com. In this scheme, they have lured more than 200,000 investors, including many from the Haitian-American community. They attracted investors by promising that their funds would be used in crypto and foreign exchange markets. and abroad – via WhatsApp groups and promotional events, convincing over 200,000 investors around the world to fork over a collective $650 million between June 2019 and May 2023, when The US Securities and Exchange Commission (SEC) has claimed that cryptocurrency company NovaTech and its co-founders on Monday (12 August) have fraudulently raised more than $650m from over SEC charges Novatech, company founders, promoters with fraud Novatech claimed funds were stolen via a cyberattack in May 2023 and reassured customers the company was working to recover the assets. j3s7m, qenam, tjxy, wkzf, 4ujox, z2ut, qx6dte, azs0ay, euuu, utlur,