NovaTech FX securities fraud warning from Russia
Aug.10, 2022 in
companies, NovaTech FX, regulation
NovaTech FX has received a securities fraud warning from the Central Bank of Russia.
As per the CBR’s August 9th warning, NovaTech FX exhibits “signs of an illegal professional participant in the securities market”.
This is the equivalent of a securities fraud warning in other jurisdictions.
NovaTech FX is a forex themed Ponzi scheme. It is run from the US by US nationals Eddy and Cynthia Petion.
The Petions launched NovaTech FX after AWS Mining, their previous Ponzi scheme, collapsed in 2019.
SimilarWeb currently reports top sources of traffic to NovaTech FX’s website as the US (63%), Canada (7%) and South Africa (4%).
Neither NovaTech FX or the Petions are registered with the SEC or CFTC.
And so it begins…
A securities fraud warning from the SEC would be more meaningful but Russia is a start…
SEC don’t do securities fraud warnings. They file lawsuits.
I think I prefer it that way, or we we wind up with companies getting a bajillion warnings ala FTC/FDA.
The tradeoff is the “bUt X iS nOt A sEcUrItY!” nonsense can get insufferable.
A lawsuit on the Petion’s would be nice…
With over 60% of traffic from the USA a C&D from the Texas SEC office would help end this one much faster…
It will take 2 weeks to get my $ out of Novatech – do I have time before it shuts down?
How long does this process generally take (from “Russian warning” to complete shut down of website and no access to my funds)?
NovaTech FX collapsing will happen when investor funds run out to finance withdrawals.
NovaTech FX rugpulling is on the Petions.
NovaTech FX being shut down is on the SEC and/or CFTC.
If you want specific dates, yeah that’s not how any of this works.
curious… do you know if Russia issued a similar warning to any of the other crypto-mlm-ponzis before they went under?
A lot of the Russian Ponzis exit-scam after a CBR warning. I don’t really track the specific reason for every Ponzi collapsing.
Sounds great. Now it’s time for the US to do its part. The Petions are so greedy that they try to go international.
@Oz Though specific time lines are of course unknown, would you say it’s safe to consider this the beginning of the end?
I’d be surprised if NovaTech FX wasn’t already on the US regulatory radar.
Since the May crypto crash MLM crypto Ponzis are in a slump (been great for catching up on my review list). The US recession has also narrowed the pool of rubes.
The Dubai scams are mostly pillaging third-world countries. South America is a hotbed at the moment.
Russians are still pumping out Boris CEO Ponzis but none are taking hold. I’ve also got another round of Chinese “click a button” app Ponzis to get through, none of them have taken off either.
NovaTech FX is probably the largest MLM Ponzi targeting US residents at the moment. And it’s being run by US residents.
That’s a pretty slam-dunk regulatory case if one is eventually filed.
At nolink:support.novatechfx.com/support/solutions/articles/64000262229-restricted-usa-states
Novatech says that they don’t allow registrations from Montana, Hawaii, Texas, Alaska, and South Carolina.
Are these states ones that are typically faster to react with regulatory actions? Otherwise what would be the point of restricting them?
Montana gets a hard on for pyramid MLMs every now and then. Not so much securities fraud MLMs.
Although they’ve been quiet recently, Texas is the most active state-level securities regulator in the US.
NovaTech FX might have already received regulators inquiries from those other states. Believing that blocking them is enough to make regulatory heat go away.
Paragraph above is absolute speculation but would explain the otherwise seemingly random US state bans.
Novatech is already showing early signs of possible implosion…
From one of the fb groups 2 members says that back office showing withdraw was sent but nothing in the members wallet… another says deposit has gone missing and not made it to their account…
Support is telling them to “check the blockchain”..
Of course there is nothing on the blockchain and support are closing tickets…
There is a guy, Jamie Soriano on YouTube (Best Passive Income Programs Online youtube.com/channel/UCkLuVVXbpRpK5EYoyFwS1fA/ ) that promotes these scams Including NovaTech.
I have been trying to get him shutdown for years but YT does not care. He has gotten very rich over the years from affiliate commissions from the scams and pretends its “earning”.
Once scheme collapses he usually deletes the videos and never mentions them again. I think he is singlehandedly keeping the Drip scam alive.. sad times
I shared this info to someone. Rather than finding out whether it’s true or not, he sent me an article attacking your business model instead.
Claiming you use fear tactics to generate traffic making between $4k-$8k a month through banners.
That’s what backing a Ponzi scammer into a corner looks like. Strawmans, copium and whataboutism.
If you keep pushing NovaTech FX’s fraudulent business model eventually they’ll turn on you. Best to walk away unless you’ve got someone sucked in you actually care about.
One of my spawn is called Nova.
After the first review I texted them to berate them for being a Ponzi, the reply was:
“I am not a Ponzi scheme”
Which sounds like something a Ponzi scheme pretending it’s not would say.
I then confronted them about the warning from Russia.
“Russia can fuck off” Was the reply.
I asked them if they were planning to exit scam soon, the reply:
“Exit scam deez nuts”.
So there you have it.
Not quite sure what it is, but it seems to make more sense than the people who think they are going to make a fortune from Novatech.
It also answers the ‘when will they exit scam’ question rather well I think.
Anymore news on this? Seems strange for a country to issue a warning and then sit for a month and do nothing else, all while no other countries pick up on it and issue their own warnings.
NovaTech is being run from the US so this will be one of those “wake up one day and it’s over” enforcement actions.
I have 3 k invested with them making 100usd per week it’s hard to let in go.
Easy money.
and this is exactly how Ponzi schemes – they lure you in with “easy money” (by giving you back some money you’ve just given them) and then keep you in until they get the maximum number of suckers in and then vanish overnight.