NovaTech FX adds US & Canada to “restricted areas & regions”
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.
Prior to regulators in Canada and the US issuing cease and desists, co-founder and CEO Cynthia Petion flat out denied NovaTech FX was committing securities fraud.
Petion went so far as to endorse the claim that the FBI “audited and approved” NovaTech FX’s fraudulent business model last September.
Two months later California’s DFPI issued NovaTech FX with a securities fraud cease and desist. Wisconsin issued NovaTech FX a $50,000 securities fraud fine last month.
Various Canadian provinces issues NovaTech FX securities fraud warning, starting with British Columbia last October.
A nationwide NovaTech FX securities fraud warning was issued across Canada in March.
NovaTech FX’s play up until now was to individually block consumers in individual states and provinces as the securities fraud warnings were issued.
In other words, NovaTech FX was content to pretend securities laws were materially different across individual US states and Canadian provinces.
And this misinformation has unfortunately been parrorted by promoters of the Ponzi scheme.
NovaTech FX has officially dropped this facade on May 11th;
This is an indirect admission that, by way of committing securities fraud, NovaTech FX has been operating illegally in the US and Canada since launch.
Even with their new “restricted areas” pseudo-compliance, the regulatory problems for NovaTech FX remain two-fold;
- securities fraud can’t be undone by restricting access; and
- the US and Canada have consistently been top sources of traffic to NovaTech FX’s website for most of 2022 and all of 2023.
The second problem is particularly significant, as it correlates with the majority of NovaTech FX investors being from the US and Canada.
The Petions are also US nationals with ties to New York and Canada. That said, the Petions current whereabouts are unknown – they haven’t been seen in public since late 2022.
To give you some idea of the scope of NovaTech FX’s fraud, SimilarWeb tracked 2.9 million website visits in April 2023. That’s up from 2.2 million in March.
I’m aware NovaTech FX has just disabled bonus withdrawal requests. This means that currently there is no way to withdraw anything from NovaTech FX.
Given the timing of the US & Canada restrictions I’m tempted to call NovaTech FX’s full collapse, but the way the issue is presented might mean withdrawals are enabled shortly.
I don’t want to call the full collapse only for the Petions to turn bonus withdrawals back on tomorrow or something.
Again, given the US & Canada restrictions the timing of this is highly suspect. I’ll give it till next week to make a call on the complete collapse if NovaTech FX bonus withdrawals remain disabled through then.
Bonus withdrawals are only allowed on Mondays.
Were allowed. NovaTech FX disabled bonus withdrawals on May 11th, a few hours after the US & Canada were blocked.
The notice doesn’t say withdrawals are paused. It says payouts to the bonus accounts are paused. I think that means that they are not paying interest to bonus accounts, which are calculated based on the trading balance.
So those expecting to see money in their bonus accounts, which usually occurs on Friday, will likely see nothing added to their bonus account.
I am curious to see if they will pay this interest into trading accounts instead. Since they say they are still processing cashouts (withdrawals) that were already requested, will they allow new cashouts (withdrawals) from bonus accounts this Monday and withdrawals from trading accounts in June? Only time will tell.
In the meantime, they have access to everyone’s trading account balances to either trade and make money off of without paying investors their share in bonus accounts, or just cut and run.
Fair point but look at the complete sentence:
I read that as “bonus payouts” = “cashout requests” because that’s how it’s written.
We wouldn’t need to guess if the Petions weren’t in hiding. But oh well, large Ponzi collapses are always messy.
I’m just sittin’ here munching popcorn till the SEC/DOJ filings drop. I’ll hold off calling NovaTech FX’s complete collapse for now.
Its all funny money at this point…
Someone PLEASE How can Novatech Members get their funds?
You invested into a Ponzi scheme and your money is gone.
The sooner you accept this the sooner you can move on with filing a report with the SEC and getting on with life.
Thanks! Like I knew that and intentionally invested in a Ponzi Scheme. Come on dude seriously.
My neighbors were withdrawing every week and everything was good and legit… at the time. Not so much now.
I am filling reports. Just for shits and giggles since some folks enjoy the fact that others have been Had… Bad!
Novatech hasn’t posted Fridays ROI yet and today is Sunday. Hilarious huh?
Congratulations, today you learnt “bUt I’m GeTtInG pAiD!” isn’t due-diligence.
Direct your anger at your neighbors, who earned a commission on your loss. I’m not interested.
It’s over and they’re just dragging people along before the big disappointment.
In one Asian company they just locked a couple up for over 12,000 years for running a Ponzi scheme. Maybe the U.S. and Canada will take note.
@OZ Anger? I’m not angry. I find it frustrating that some people are amused by the dismay of others. As far as my neighbors they are awesome people.
They are honest humble as good as you can get folks. I have no reason to be angry at them. I came here to see what may be happening with other members.
I thought Novatech was a legit Hedge Fund. I searched over and over before I invested, looking for One person…just one that took a loss by investing with Novatech.
After two weeks of searching I could Not find one person that said Novatech ripped them off. Nothing! So I invested.
Maybe I made a mistake. It’s not over yet though. (Ozedit: derail removed)
Your second lesson is that people in Ponzi schemes only complain after they’ve collapsed. Searching for people complaining about a Ponzi scheme that hasn’t inevitably collapsed yet isn’t due-diligence.
It’s very much over. You’ve already made two mistakes – learn from them.
It doesn’t. I couldn’t care less about your personal loss. You came here.
My amusement is derived not from investor losses but from turning the screws on the scammers running the scams. Although it’s radio silence, that pressure building in the background is crushing.
That’s what I season my popcorn with. (insert pointless emojis here)
I don’t need you to care about my losses or my gains. Yes! I came here doing research as I always do. Just stopped by to see if other Members had information to share.
As far as your knowledge Where were you and the naysayers in August and September of 2022?
I might not have invested if someone, anyone had shared that they Lost To Novatech! I know, now all of y’all, all knowledgeable and powerful are EVERYWHERE, NOW.
Right here. BehindMLM reviewed NovaTech in August 2019.
Be sure to read the comments for epic lulz.
You’ve demonstrated you were clueless about due-diligence so it’s not a surprise you didn’t come across the review. Now you know.
As you’ve hopefully learnt, by the time people start complaining about a Ponzi scheme it’s too late.
Looking for people complaining before investing into a Ponzi scheme isn’t due-diligence.
I researched their names, the company everything I could think of on and off for almost two weeks. Nothing came up. Nothing here or anywhere.
I will say during that time I found it odd that their names are a bit bizarre. Cynthia (cents) coins humm? and the last name Roy? ROi
Anyway, I made an investment, a risk investment, not much but enough that I wish I still had.
I just hate it for the ones that invested their retirement and it’s pretty much gone. Sad. People invest for different reasons.
Some are in for the long haul and continue to grow their account. Some invest with the hope to Cashout their original investment and just ride the ROI not much risk in that.
I am not an investment person. I don’t take risks. But I did once and yep lesson learned.