NovaTech FX @ BehindMLM

NovaTech FX and owners Cynthia and Eddie Petion have been charged with securities fraud in Washington. A cease and desist order and Statement of Charges was filed against NovaTech and the Petions on October 27th.

NovaTech FX and Cynthia Petion have failed to put in an appearance at a recent regulatory hearing in Canada.

The Ontario Securities Commission has filed a Statement of Allegations with Canada’s Capital Markets Tribunal. As per the August 25th filed statement, OSC has requested the CMT certify that NovaTech FX and owner CEO Cynthia Petion committed securities fraud in Ontario; issue a permanent injunction against NovaTech FX prohibiting further acts of securities fraud; reprimand [Continue reading…]

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.

NovaTech FX has added the US and Canada to its list of “restricted areas and regions”. Practically speaking the move means little but it’s the loudest acknowledgement of securities fraud yet.

Despite being served notice of proceedings, NovaTech FX was a no-show at a securities fraud hearing in Ontario.

EmpiresX’s Joshua Nicholas has asserted “NovaTech FX has recently been brought to justice”. The claim, which BehindMLM has not been able to verify, was made in an April 11th court filing.

As limited withdrawals continue to back up, weekly returns drop to a fraction of a percentage and regulators close in, Cynthia Petion is leaning more heavily into NovaTech FX’s religious undertones. Petion, who stylizes herself as NovaTech FX’s “Reverend CEO”, is now threatening to “rain down on” investors “greater than the wrath of God”.

NovaTech FX has received a securities fraud cease and desist from Wisconsin’s Department of Financial Institutions. DFI’s notice details allegations of fraud, and includes proposed restitution and civil penalty orders.

Back in February NovaTech informed investors it was “temporarily freezing” withdrawals for 60 days. Last week Cynthia Petion confirmed withdrawals would remain frozen past the April 1st deadline. What NovaTech FX investors did get on April 1st, was news of further restrictions.