Ontario’s Capital Markets Tribunal has handed down a $2.5 million fine to NovaTech FX and Cynthia Petion.

CMT’s fine was ordered on December 3rd and follows the finding that NovaTech FX and Petion violated Ontario securities law back in July.

Specifically, NovaTech FX and Petion have been ordered to pay:

  • a $2.5 million administrative penalty;
  • $31,000 in disgorgement; and
  • $193,333 in legal costs

The above amounts in Canadian Dollars comes to around $1.89 million USD.

Cynthia Petion is further prohibited from acting as a Director of an Ontario registered company, or company registered or seeking registration with the Ontario Securities Commission.

NovaTech FX was an MLM crypto Ponzi that collapsed in February 2023.

NovaTech FX’s regulatory troubles in Ontario began when the Ontario Securities Commission issued a securities fraud warning in December 2022.

Neither NovaTech FX or Petion have made a showing at scheduled CMT hearings.

As NovaTech FX was collapsing Petion, along with husband Eddie, fled the US for Panama.

Since then;

It is through the SEC’s proceedings that we learned the Petions had fled to Panama.

Martin Zizi, a NovaTech FX promoter who targeted Haitian-Americans, settled with the SEC in August. The outcome of the SEC’s case against the remaining NovaTech FX defendants remains pending.