NovaTech FX securities fraud warning from Canada (BC)
NovaTech FX has received a securities fraud warning from the British Columbia Securities Commission.
As per the BCSC’s October 11th warning;
NovaTech Ltd. claims to be located in Florida and it also claims to offer trading services by an experienced team of traders.
We are aware that NovaTech Ltd. has accepted funds from British Columbia (BC) residents.
NovaTech Ltd. is not registered to trade in, or advise on, securities or derivatives in BC.
NovaTech, run out of the US by Eddie and Cynthia Petion, is not registered to offer securities in any jurisdiction.
Instead of registering with financial regulators, Cynthia Petion endorses a claim that the FBI approved NovaTech FX’s fraudulent business model.
NovaTech solicits investment on the promise of a weekly return, purportedly derived via forex trading.
SimilarWeb tracks the US as the largest source of traffic to NovaTech FX’s website (68%). Despite this and the Petions being based out of the US, NovaTech FX is not registered with the SEC and CFTC.
Canada currently ranks as NovaTech FX’s fourth largest source of website traffic (4%, up 40% month on month).
British Columbia marks the first western regulator to issue a NovaTech FX securities fraud warning. Russia issued a NovaTech FX fraud warning back in August.
NovaTech FX recorded over 2 million visits to its website in September 2022. When US authorities will move in on the Ponzi scheme remains unclear.
Starting to get closer to home!
Your report is incorrect. It was an FBI investigator that was asked by a group in Novatech to do an investigation. It wasn’t endorsed by Novatech the company itself.
Novatech has been operating for almost 4 years in the site of all authorities and continues to be compliant as required. For example, there are four states that they cannot operate in.
Crypto is not a currency and is an asset, therefore no registration is required. The SEC is aware of this.
(Ozedit: derail removed)
Bit silly to deny the video evidence. Cynthia Petion owns NovaTech FX.
And? Bernie Madoff operated for 20+ years.
MLM + passive investment opportunity = securities offering. Securities fraud isn’t “compliant”.
There are actually five states where this ponzi cannot operate.
Alaska
Montana
Hawaii
Texas
South Carolina
But don’t kid yourself into thinking that this scam is a legit business. When the SEC decides enough is enough, it will be 50 states and this ponzi will finally collapse…
If lack of recruitment doesn’t cause it to collapse sooner.
So the ROI [sic] for last week was 1.18%….it’s been roughly 3.5% for months…
Since we know that the ROI is based purely on fresh deposits and not from trading it looks like the end is neer…
Bring on black December!!
I’m fairly certain the ROI is even more fictitious than being based off of recruitment. I think the ROI is just completely made up at all times.
In normal weeks they set it somewhere around the average so that people get what they expect.
In weeks where the crypto market is down big, they give far less probably for 2 reasons:
1. They have a ‘reason’ for giving out less
2. It makes them look more legitimate.
I see a lot of people say something like “See they’re clearly trading because we didn’t earn as much this week.”
And then others say “The market is down huge but Novatech still profited something, see they’re amazing!”
Members use anything they can to try to prove legitimacy.
Forgot to mention that Novatech gave out something like 0.68% the last time the market had a huge drop. All smoke and mirrors.
I have a friend involved in this. Was interested in what she was pushing on Facebook with ridiculous weekly returns.
She sent me the name. I looked it up. There was no chance I’d ever invest in it and it was immediately clear it was some sort of scam.
I didn’t say anything to her as I felt like it would fall on deaf ears.
Last week I said I couldn’t sit by idly. I mentioned it to her with concern. As expected defended the company.
I hope more people read this stuff because you hate to see people lose so much of their hard earned money.
Have you ever withdrawn money? No. But my friends have. That’s nice. Get your money out. It’s all bullshit.
There is a big network in my city recruiting members. I have a friend who I am trying to convince that this is a scam. How do I do it?
He is even putting on crypto “educational” seminars, calls himself the “Crypto Cowboy”. He’s not dumb or a bad person at all, though some of the victims are not savvy at all.
I tried reaching out to one of the people on Youtube promoting it and he was unable to provide any information.
He said they have a secret formula for making money and if they share the details, it wouldn’t be secret anymore and people would steal it. Total bullshit.
At some point you have to accept your friend and the YouTube shills are scammers promoting a Ponzi scheme.
They know it’s a Ponzi scheme, they just don’t care because money.
It’s not a scam. AWS was misleading. Cindy and Eddie left AWS because of he shady business and because it’s crypto the big banks what it all shut down.
I just got an email from Novatech to withdrawal all my funds due to British Columbia’s “Fraud Alert”. And I did very easily.
It’s pays 3% weekly and will go directly to you crypto wallet or auto reinvest.
Both AWS Mining and NovaTech FX were/are MLM companies committing securities fraud.
MLM + securities fraud = Ponzi scheme. And all Ponzi schemes are scams. “The big banks” and other whacky conspiracy theories have nothing to do with it.
Playing cat and mouse with regulators isn’t going to last long. Securities regulation is materially the same the world over.
Not withstanding NovaTech FX withdrawals are close to being delayed a month and support is MIA.
No registration is required as Crypto is not regulated. But (Ozedit: whacky conspiracy theories removed)
Whether crypto is or isn’t regulated is neither here nor there.
NovaTech FX’s investment opportunity constitutes a securities offering. Securities are very much regulated the world over, regardless of the medium used.
I read all your comments but Novatechfx is not that bad as you said I’ve been withdrew all my ROI every month and I already got my investment back but the only thing I tried to get $5000 to pay my kids college that’s been a month I am still waiting but I am sure I will get it because I know about the ban in all this cities for example California where they are reimbursed investors.
1. NovaTech FX’s withdrawal problems have nothing to do with the cease and desists coming out. It’s a Ponzi scheme, withdrawals exceeding investment is inevitable.
2. There is no “ban”. Securities fraud has been illegal in the US since 1933. Securities fraud is illegal in every country with a regulated financial market.
California and Canada don’t have special securities laws. It’s the same everywhere.