Second NovaTech FX fraud warning from Canada (Alberta)
NovaTech FX has received its second securities fraud warning from Canada.
On October 14th the Alberta Securities Commission added NovaTech FX to its Investment Caution List.
As per the ASC’s website, companies on the list
are not registered with the ASC and that appear to be engaging in activities that either require registration under Alberta securities laws or may be investment scams.
This is the equivalent of a securities fraud warning in other jurisdictions. That NovaTech FX is a scam is also a certainty, owing to it being a Ponzi scheme.
The ASC is the second Canadian regulator to take action against NovaTech, following a similar warning from British Columbia a day earlier.
Increased regulatory attention on NovaTech FX coincides with founders Eddy and Cynthia Petion recently selling a property in Florida.
Following on from California, a federal US regulatory case against NovaTech FX is believed to be pending.
NovaTech FX, which pitches a weekly passive return, is run out of the US and has a majority US investor base.
Two weeks ago on Instagram, Cynthia Petion represented she was in Milan, Italy. Whether the Petions are still in the US is unclear.
Footnote: While a link to ASC’s Investment Caution List is provided in this article, NovaTech FX might not appear on the list if you’re reading this well past publication date (months/years).