NovaTech FX @ BehindMLM

GSPartners and NovaTech FX have been classified as “cryptocurrency scams” by the Massachusetts Attorney General’s Office. As per a press-release issued earlier this week, GSPartners and NovaTechFX are among a list of scams the MA AG’s Office warns of having ties to criminal activity.

NovaTech FX has received a securities fraud warning from the Australian Securities and Investments Commission (ASIC).

The SEC has confirmed a federal investigation into the NovaTech FX Ponzi scheme. Following non-compliance of investigative subpoenas served on Dap Dunbar and Corrie Sampson, the SEC obtained a court order enforcing compliance.

A NovaTech FX investor has filed a RICO class-action in the Southern District of New York.

NovaTech FX and owners Cynthia and Eddie Petion have been charged with securities fraud in Washington. A cease and desist order and Statement of Charges was filed against NovaTech and the Petions on October 27th.

NovaTech FX and Cynthia Petion have failed to put in an appearance at a recent regulatory hearing in Canada.

The Ontario Securities Commission has filed a Statement of Allegations with Canada’s Capital Markets Tribunal. As per the August 25th filed statement, OSC has requested the CMT certify that NovaTech FX and owner CEO Cynthia Petion committed securities fraud in Ontario; issue a permanent injunction against NovaTech FX prohibiting further acts of securities fraud; reprimand [Continue reading…]

The reality of an announcement issued by NovaTech FX last week has been clarified over the weekend. As of May 11th, NovaTech FX has ceased paying out weekly returns and recruitment commissions.

NovaTech FX has added the US and Canada to its list of “restricted areas and regions”. Practically speaking the move means little but it’s the loudest acknowledgement of securities fraud yet.

Despite being served notice of proceedings, NovaTech FX was a no-show at a securities fraud hearing in Ontario.