NovaTech FX @ BehindMLM

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.

The collapsed NovaTech FX Ponzi scheme looks set to drag its exit-scam on for the foreseeable future. With a previously set April 1st deadline approaching to provide access to invested funds, Cynthia Petion has now confirmed excuses will continue for “several more months”.

Following confirmation NovaTech FX operates illegally across the country, the Canadian Securities Administrators has issued a nationwide securities fraud warning.

NovaTech FX has received a securities fraud warning from Quebec’s Autorite des Marches Financiers. NovaTech LTD was added to the AMF’s investor warnings list on February 3rd, 2023.

NovaTech FX has been issued a temporary cease trade order by the Ontario Securities Commission.