NovaTech FX has received a securities fraud warning from the Australian Securities and Investments Commission (ASIC).

As per ASIC’s February 16th warning, NovaTech FX

is likely to be offering financial services to Australian consumers.

It does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorised by a licensee.

Offering securities without registration with ASIC constitutes securities fraud under Australian law.

NovaTech FX was a Ponzi scheme run by serial scammers Cynthia and Eddy Petion.

The Petions went into hiding in the lead up to NovaTech FX collapsing in February 2023.

Outside of Australia, NovaTech FX has attracted regulatory attention from Russia, California, Canada, Wisconsin and Washington.

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