NovaTech FX a no-show at second OSC Tribunal hearing
NovaTech FX and Cynthia Petion have failed to put in an appearance at a recent regulatory hearing in Canada.
The webinar hearing was held on September 28th. NovaTech FX and Petion (right) were given notice on November 4th.
NovaTech FX and Petion previously failed to make an appearance at an earlier May 2023 hearing.
As a result of NovaTech FX and Petion failing to make an appearance on September 28th, the Capital Markets Tribunal ordered
- OSC shall serve and file a motion by November 17th, 2023;
- NovaTech FX shall file a response by November 24th, 2023; and
- another hearing on the matter is scheduled for November 27th, 2023.
OSC filed a Statement of Allegations against NovaTech FX and Petion back in August.
I’m not 100% on what the motion OSC has to file by November 17th is. Whatever type of motion it is though, it’s one step closer to holding NovaTech FX and Petion legally accountable in Canada.
OSC is seeking an injunction against NovaTech FX and Petion, as well as disgorgement of ill-gotten gains.
NovaTech FX was a Ponzi scheme run by Petion and husband Eddy.
NovaTech FX began having withdrawal problems in late 2022, prompting the Petions to go into hiding.
BehindMLM called NovaTech FX’s official collapse in March 2023.