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International Business Times
International Business Times
Business
Marvie Basilan

SEC Sues NovaTech, Promoters Over Alleged $650M Crypto Fraud That Affected Many Haitian-Americans

SEC Crypto New York Lawsuit
NovaTech has been sued by the SEC for its alleged pyramid scheme business that defrauded over 200,000 investors worldwide. (Credit: Bybit/flickr.com)

KEY POINTS

  • The SEC said NovaTech turns out to have traded 'only a small fraction' of investors' assets
  • Cynthia Petion allegedly used 'religious overtones' when recruiting investors
  • NovaTech was sued by the New York Attorney General in June for defrauding investors

The U.S. Securities and Exchange Commission (SEC) has filed a legal complaint against cryptocurrency firm NovaTech and its promoters for operating what it said was "a fraudulent crypto trading investment and pyramid scheme" that affected over 200,000 investors around the world.

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