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.