5th NovaTech securities fraud warning from Canada (Quebec)
NovaTech FX has received a securities fraud warning from Quebec’s Autorite des Marches Financiers.
NovaTech LTD was added to the AMF’s investor warnings list on February 3rd, 2023.
The AMF identifies NovaTech FX as a “high-risk platform” involving “crypto assets” and forex”.
NovaTech LTD is not registered with the Autorité des marchés financiers (AMF) and is not authorized to solicit investors in Québec.
This is the equivalent of a securities fraud warning in other jurisdictions.
On February 16th Ontario escalated its regulatory enforcement, ordering NovaTech FX to cease operations across the province. Investigations are ongoing.
In the US California’s DFPI issued a NovaTech FX securities fraud cease and desist last December. Federal regulatory action is expected to follow at some point.
NovaTech FX is a Ponzi scheme run by Eddy and Cynthia Petion.
The Petions are US nationals with ties to New York and Florida. Whether they are still in the US has been unclear since late 2022.
With regulatory attention on NovaTech FX increasing, investors were prohibited from withdrawing invested funds last month.
As of January 2023, Similar tracks the US (68%) and Canada (6%) as top sources of traffic to NovaTech FX’s website.