3rd NovaTech FX securities fraud warning from Canada (ONT)
The Ontario Securities Commission has issued a NovaTech FX securities fraud warning.
As per the OSC’s December 13th warning, NovaTech FX, operating as Novatech LTD,
is not registered in Ontario to engage in the business of trading in securities.
This is the equivalent of a securities fraud warning in other jurisdictions.
Increased regulatory attention on NovaTech FX coincides with founders Eddy and Cynthia Petion recently selling a property in Florida.
Following on from California, a federal US regulatory case against NovaTech FX is believed to be pending.
NovaTech FX, which pitches a weekly passive return, is run out of the US and has a majority US investor base.
Earlier this month, Cynthia Petion represented she was in Milan, Italy on Instagram. Whether the Petions are still in the US is unclear.
Update 23rd February 2023 – The OSC is continuing to investigate NovaTech FX’s securities fraud.
As part of that investigation, on February 16th the OSC issued NovaTech FX with a cease trade order.