Having failed to locate NovaTech FX co-founders Cynthia and Eddy Petion in Panama, the SEC now opines the Petions may have fled to Dubai.

The SEC’s latest disclosure was made in a September 29th filed declaration exhibit. The exhibit was attached to a motion seeking permission to serve the Petions via alternative service.

As per the SEC attorney’s declaration exhibit;

Although the SEC staff has not been able to identify the Petions’ current whereabouts, the SEC staff believes the Petions may be residing in Panama or Dubai, United Arab Emirates.

The focus on Dubai follows a failed attempt at international service by Panamanian authorities.

That said, the SEC hasn’t ruled out Panama completely yet;

The Petions may be residing in Panama based on, among other things, documents and information received during the Investigation that show that the Petions owned real estate in Panama; operated a bar in Panama at an address that is not known to the SEC staff; registered at least two companies in Panama; held accounts at Panamanian banks; hosted family and friends (including co-defendants Dunbar and Zizi) in Panama in April 2023 to celebrate Cynthia Petion’s birthday; entered into a one-year lease for office space in Panama between June 9, 2022 and June 8, 2023; and were receiving mail and utility bills at a residential address in Panama.

Cynthia Petion was a permanent legal resident of Panama, obtained a Panamanian driver’s license, and the first three digits of the WhatsApp Number (507) that she used to communicate with her sibling as recently as June 2025 correspond to the country code for Panama phone numbers.

Cynthia Petion’s sibling is Ricardo Roy, NovaTech FX’s Chief Technology Officer.

[Roy] informed the SEC staff (through his attorney) that he did not know where the Petions are currently residing or located, but that Cynthia Petion contacted him in June 2025 via WhatsApp.

The “507” WhatsApp number provided to the SEC by Roy is a Panama country code. Note however that WhatsApp accounts can be used overseas through an internet connection.

The Petions’ link to Dubai lies in purported crypto mining operations.

Alternatively, the Petions may be residing in Dubai, United Arab Emirates, based on, among other things, information received during the Investigation that suggests that the Petions purportedly have, or were planning to have, crypto mining operations in Dubai.

Dubai has cemented itself as a safe-haven for MLM Ponzi scammers over the past decade. That the Petions might have fled to Dubai isn’t a surprise.

The SEC sought to serve the Petions via the WhatsApp number Cynthia used to contact Roy, several email addresses collected by the New York Attorney General’s Office and a public webpage.

On September 30th, the court denied the SEC’s motion. While satisfied the SEC had exhausted avenues of service in Panama, it wasn’t convinced the same was true of Dubai.

Plaintiff does not explain whether it has attempted to serve the Foreign Defendants in Dubai, nor why it believes effectuating service in the United Arab Emirates would be unavailing.

Without this information, the Court is unable to ascertain whether authorizing alternative service is appropriate.

The court has directed the SEC to refile its motion, this time addressing attempts to serve the Petions in Dubai.