SEC accuses promoters of NovaTech pyramid scheme

VaselineAugust 15, 2024

0 Less than a minute

SEC accuses promoters of NovaTech pyramid scheme

Following a lawsuit from the New York Attorney General in June, the SEC filed suit against the promoters of the NovaTech crypto pyramid scheme and affinity fraud. Cynthia and Eddy Petion specifically targeted victims of Haitian descent, promoting their schemes in Creole, capitalizing on the victims’ religion and promising them “financial freedom” and “freedom from the plantation.”

The SEC lawsuit also targets six other promoters of the NovaTech scheme, which the agency says used “religious concepts” when attracting new investors. Ultimately, the scheme turned out to be a Ponzi scheme, with new investors’ money being used to pay off previous investors as the promoters also took money for themselves.

VaselineAugust 15, 2024

0 Less than a minute

Vaseline

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