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;

  1. securities fraud can’t be undone by restricting access; and
  2. 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.