A NovaTech FX Ponzi promoter has received a securities fraud cease and desist from Ohio.

Steven Douglas Alexander, of Cincinnati, is cited as a Respondent in the Ohio Division of Securities March 22nd order.

NovaTech FX was an MLM crypto Ponzi scheme launched by Cynthia and Eddy Petion in 2019.

NovaTech FX collapsed in February 2023. The Petions have since gone into hiding.

ODS appears to have begun investigating Alexander towards the end of 2023. ODS found Alexander to have promoted NovaTech FX from at least April 2022 through January 2023.

[Alexander] caused to be sold, directly or indirectly, securities in Novatech to Ohioans, and so recruited investors such as MM, TS, and WR, from in or about April 2022 thru January 2023, and as a result, he received referral bonuses.

Four victims of Alexanders are cited as having invested $4950 into NovaTech FX.

Neither NovaTechFX or Alexander are registered to offer securities in Ohio.

On January 25th ODS informed Alexander of a pending cease and desist, giving him an opportunity to pre-emptively respond.

Alexander failed to respond to the ODS’ notice.

ODS’ investigation concluded that NovaTech FX’s investment scheme “are securities” under Ohio state securities law.

As a promoter of NovaTech FX, Steven Alexander was in turn deemed to be a promoter of unregistered securities.

[Alexander] violated R.C.1717.44(A)(2) by, with the reasonable expectation of remuneration, acting as a securities investment adviser without proper licensure from the Division.

[Alexander] violated R.C. 1707.44(C)(1), by selling or causing to be sold, a security to which was not registered for sale in or from Ohio.

In light of these findings, ODS ordered Alexander to cease and desist committing further securities fraud violations on March 22nd.

Prior to promoting MLM crypto Ponzis Alexander ran a roofing and construction business.

Alexander’s transition to crypto fraud saw him reinvent himself as “the crypto cowboy”.

Alexander held and spoke at “Cincy Group” marketing events held in Ohio.

How much Alexander stole through NovaTech FX remains unclear.

Outside of Ohio, NovaTech FX fraud warnings have been issued by Massachusetts, Russia, California, Canada, Wisconsin and Washington.

The SEC also recently confirmed a federal fraud investigation into NovaTech FX and the Petions is underway.