The SEC claims it has confirmed NovaTech FX co-founders Cynthia and Eddie Petion are not in Dubai.

NovaTech FX was an MLM trading bot Ponzi that collapsed in 2023.

The SEC filed NovaTech FX civil fraud charges in August 2024. Investor losses have been pegged at over $650 million.

As per a January 9th filed Amended Motion from the SEC;

The SEC staff has not obtained any information indicating a specific address in the UAE at which the Petions or NovaTech could be served.

At the SEC’s request, the Department of Justice’s Office of Foreign Litigation retained local counsel in the UAE to attempt to locate the Foreign Defendants.

UAE local counsel conducted a search that indicates based on immigration records that:

(1) the Petions are not currently in the UAE, and

(2) the Petions last departed the UAE in April 2019 and have not returned.

After NovaTech FX collapsed the Petions fled to Panama. It’s likely the Petions are hiding there but, as of February 2026, the SEC can’t confirm.

The Petions may be residing at an unknown address in Panama, but the SEC cannot confirm whether they are in Panama or somewhere else.

The SEC’s Amended Motion follows denial of permission to effect service on the Petions in Dubai last September.

With the above new information in hand, in its Amended Motion the SEC instead, whilst acknowledging it hadn’t confirmed where the Petions were hiding, to effect service over WhatsApp and a created website.

The court granted the SEC’s Amended Motion on January 30th. The SEC confirmed alternate service on Nova Tech LTD. and the Petions on February 6th.

NovaTech FX as a defunct entity and the Petions have until February 27th to file an answer to the SEC’s Complaint.