NovaTech FX’s exit-scam complete, payouts disabled
The reality of an announcement issued by NovaTech FX last week has been clarified over the weekend.
As of May 11th, NovaTech FX has ceased paying out weekly returns and recruitment commissions.
As per NovaTech FX’s announcement;
Please note we are aware of an issue that is currently causing miscalculations in regards to commissions.
We are currently still investigating this issue to find the root cause, but will unfortunately need to pause all bonus payouts until the issue is resolved.
At first it seemed this would only apply to recruitment commissions.
NovaTech FX investors however didn’t receive a weekly return over the weekend, confirming all payouts in NovaTech have now stopped.
NovaTech FX did state that…
during this time, current cashout requests continue to be processed
…however this seems unlikely, with it being an open secret that NovaTech FX withdrawal requests have largely gone unpaid over the past few months.
NovaTech FX had promised to refund Canadian investors after multiple Canadian regulatory warnings. To date however that hasn’t transpired.
NovaTech FX was also a no-show at a recent regulatory hearing in Ontario.
What little NovaTech has paid out over the past few months has been tied to new recruitment. NovaTech FX effectively collapsed recruitment when they banned US and Canadian clients earlier this week.
Together, the US and Canada make up the vast majority of NovaTech FX investors. As tracked by SimilarWeb, in April 2023 the US and Canada accounted for 75% of NovaTech FX’s website traffic.
All things considered, NovaTech FX’s exit-scam is now complete. The only supplementary information left to confirm is whether founders Cynthia and Eddy Petion have fled the US.
For reference, here are the events that led up to NovaTech FX’s collapse and now completed exit-scam:
- May 2022 – Cynthia and Eddy Petion sell residential home in Florida and go into hiding
- August 10th, 2022 – NovaTech FX fraud warning from Central Bank of Russia
- October 13th, 2022 – In response to concerns about securities fraud, Cynthia Petion endorses claim FBI audited and approved NovaTech FX
- October 30th, 2022 – NovaTech FX withdrawal problems begin following regulatory fraud warnings from Russia and BC, Canada
- November 26th, 2022 – California’s DFPI issues NovaTech FX securities fraud warning
- November 29th, 2022 – NovaTech FX orders investors to hide evidence of fraud
- February 6th, 2023 – NovaTech FX collapses by disabling withdrawals, promises to re-enable them on April 1st
- March 18th, 2023 – Nationwide NovaTech FX securities fraud warning issued across Canada
- April 1st, 2023 – NovaTech FX fails to re-enable withdrawals, instead imposes severe restrictions
- April 17th, 2023 – NovaTech FX fined $50,000 for securities fraud in Wisconsin
- April 30th, 2023 – SEC investigation into NovaTech FX confirmed by EmpiresX fraudster Joshua Nicholas (note the context of Nicholas’ claim remains a mystery)
- May 10th, 2023 – NovaTech FX officially abandons US and Canada
- May 11th, 2023 – NovaTech FX disables weekly returns and recruitment commissions
Cynthia and Eddy Petion’s current whereabouts and status remain unknown.
Ricardo Roy Jr., who as I understand it is related to Cynthia and is also a NovaTech FX executive insider, has also disappeared.
Note on the “cRyPtO iS uNrEgUlAtEd, I’m GoNnA lEAvE tHe Us!” NovaTech scammers who continue to spread misinformation:
Whether crypto is unregulated or not is a strawman. The issue with NovaTech FX is and always has been securities fraud.
Securities fraud has been illegal in the US since 1933. Securities fraud is also illegal in Canada and the rest of the world.
Don’t confuse woefully inadequate regulation with legality.
Finally, there are no carveouts for securities fraud in the Securities and Exchange Act. Securities fraud is illegal regardless of the medium used to commit it (cryptocurrency, tulips, beanie babies etc.).
If NovaTech FX wanted to operate legally, all they had to do was register with the SEC, Canada’s financial regulators and file periodic audited financial reports.
They didn’t and instead chose to operate illegally by committing securities and wire fraud.
Why?
Because obvious Ponzi is obvious.
I have been unable to login to my NovaTech account for 6 weeks now and have been unable to find anyone who can help me.
Can I write off my losses for federal income tax?
That’s a question for an accountant.
I can’t log into my account. No help from support. Nothing Nada Zilch.
Consider my funds esconded!!
Sorry for all those who put in a lot more money than I did… Lesson learned…
(Ozedit: derails removed)
The leadership has been purposely obtuse and coming up with excuses for their difficulties for a very long time. I wish I hadn’t gotten my family involved in this.
Another threatening and accusatory message was sent to members in the telegram group last week that has since been deleted.
They know they’re on borrowed time and are distancing themselves so they can get ready for the next scheme.
The worst part is they claim to be Christians and knowingly caused hardship and refuse to take any accountability for their actions.
Cynthia is a liar and a fraud, why she calls herself a reverend I will never know. The only gospel she preaches is deception.
If heaven is real, she will not be going there.
Why do people do this to other people and claim that they are here for the long haul, but then take the money that one thought was a way to a better life and we end up screwed and nobody is held accountable.
So have they been charged by the authorities yet for wire fraud and tax evasion?
This is not the first scam they have run so hopefully the charges will stick before they move on to new victims.
When and how are we going to hear about their arrests? Why is it so hard for authorities to clamp down on them?
I have invested and have not been able to get my money either. How can we file a complaint?
Complaints can be filed with regulators through their respective websites.
Learning lesson. Can’t get help from anyone at the company or my sponsor. I need my money out to pay a bill so now I’m in trouble since I can’t.
My son warned me about this sort of thing but I really trusted the guy that got me involved.
There is a special place in Hell for people like this. Actually, they are probably living it. Who would be happy scamming people? Shameful.
Hoping that I can te coup something… SMH!
Looks like we all got scammed and from what I now know, it’s not their first time doing this.
Not sure how/why they get away with it.
Mostly because people refuse to acknowledge a Ponzi scheme until after it’s collapsed.
“It’S nOt A sCaM, iT’s PaYiNg OuT!” etc.
report them to fbi:
interpol.int/en/Crimes/Cybercrime
I want to know who is the group leader for the east coast area. I have been scammed.
Please provide who I can contact to shut down Novatechfx in Maryland, VA, New York and Kentucky?
NovaTech FX collapsed early 2023. There’s nothing left to shut down.
That said, each of those states has a securities regulator. Look them up.
How were you scammed you were told only to risk what you are willing to lose.
Listen I am bummed it went away as well but I knew the risk and had over $350,000 in my account. I was also smart enough to take out weekly to recover my investment.
Learn from your mistakes and stop blaming anybody but yourself.
The majority of investors in Ponzi schemes lose money. They get scammed.
Whether you KnEw ThE rIsK is irrelevant to NovaTechFX being a Ponzi scam.
How much monopoly money you had in your backoffice is irrelevant to NovaTechFX being a Ponzi scheme in which the majority of investors got scammed.
Nah. Fuck Ponzi scammers and anyone who makes excuses for fraud.
Yeah sorry Jeff H, that’s a piss poor apologist take. A LOT of people were trying to take weekly withdrawals until they couldn’t.
If you saw $350k disappear and have that attitude you’re probably well off enough already that it doesn’t make much of a difference for you. That’s not everybody’s case.
Now tell me that your bank or other investment managers could do the same thing and you wouldn’t bat an eye.
Why does Novatech get a pass for disappearing without a trace or explanation with supposed billions of dollars?
The 350K never existed. Jeff knows that and that’s why he’s fine with it.
He’s one of the few who managed to steal more than they invested. Just another Ponzi net-winner making excuses for fraud.
I understand where you are coming from. I am not making excuses by any means for Novatech. But (Ozedit: excuses removed)
First and last warning. There is no “where you are coming from”. Stop making excuses for scammers.
NovatechFX was a Ponzi scheme in which scammers such as yourself stole money from the majority of investors. Specific counts of financial fraud include wire fraud, securities fraud and money laundering.
Anything else is irrelevant.
Persons should be refunded monies invested or the owners should be charged with theft.
Your funds are gone. Anyone recruiting people into a ponzi scheme is by default a scammer.
All I can say is Boohoo to all those people that were trying to make a fast buck off someone else’s back.
You had a gut feeling something wasn’t right, but by your own greed. You ignored all the warning signs. YOU CAN’T FIX STUPID !