NovaTech Review: N-Tech trading bot Ponzi scheme
NovaTech provides no information on their website about who owns or runs the business.
NovaTech’s website domain (“novatechfx.io”) was registered on June 17th, 2019.
NovaTech LTD is listed as the owner, through what appears to be a bogus incomplete address (Vatican City).
On its website NovaTech claims to be “registered in the USA, British Virgin Islands and Estonia”.
No specific details are provided which, when combined with the bogus domain, leads me to believe these claims are false.
Update 11th July 2021 – NovaTech has abandoned their .io domain, it now redirects to “novatechfx.com”.
A page on that website has the slug “from the CEO”. On the page Cynthia Petion, styling herself as a reverend, speaks about NovaTech in the possessive.
When we developed NovaTech, Ltd., we decided on two things:
First, we resolved that our program would be affordable to join and available to anyone who wanted to participate.
Second, we committed to providing people with the tools and skills training they need to be successful.
Cynthia and her husband Eddy Petion are known to BehindMLM as top earners in the AWS Mining Ponzi scheme.
BehindMLM reviewed AWS Mining in September 2018. Eddy Petion showed up in the review comments to defend the Ponzi scheme.
AWS Mining collapsed in April 2019. NovaTech popped up on our radar a few months later.
It seems the Petion’s launched NovaTech as a reboot Ponzi. Rather than just be top net-winners though, through NovaTech they keep more money as company owners.
Leaning into religion, Cynthia Petion is marketing herself as “The Reverend CEO”.
Eddy Petion, who served as AWS Mining’s executive President, cites himself as NovaTech’s Chief Operating Officer.
The Petions are believed to operate out of New York in the US. /end update
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
NovaTech’s Products
NovaTech has no retailable products or services, with affiliates only able to market NovaTech affiliate membership itself.
Update 13th March 2021 – Since publication of this review NovaTech has introduced pseudo-compliance retail investment tiers:
- Builder Package – $99-$499
- Bronze Package – $500 to $2499
- Silver Package – $2500 to $4999
- Gold Package – $5000 to $9999
- Platinum Package – $10,000 to $24,000
- VIP Package – $25,000 to $99,999
- President Package – $100,000+
Builder to Platinum packages carry a $25 a month “service fee”.
I’ve marked this as pseudo-compliance because there it costs exactly the same to sign up as an affiliate with the Packages. /end update
NovaTech’s Compensation Plan
NovaTech affiliates invest funds on the expectation of an advertised variable return.
- Builder – $99 to $499
- Bronze – $500 to $2499
- Silver – $2500 to $4999
- Gold – $5000 to $9999
- Platinum – $10,000 to $24,999
- VIP – $25,000 to $99,999
- President – $100,000+
Builder to Platinum packages attract an additional $25 a month “service fee”.
NovaTech fails to disclose ROI rates but does state VIP tier affiliates will earn 1% a month more than everyone else.
Withdrawal fees for each NovaTech investment tier are as follows:
- Bronze – 35%
- Silver through Platinum – 30%
- VIP – 25%
NovaTech Affiliate Ranks
There are five affiliate ranks within NovaTech’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Associate – sign up as a NovaTech affiliate and invest
- Junior Executive – invest at least $2500, recruit three Associates and generate $50,000 in downline investment volume
- Executive – invest at least $5000, recruit two Junior Executives and generate $500,000 in downline investment volume
- Senior Executive – invest at least $10,000, recruit two Executives and generate $2,000,000 in downline investment volume
- Director – invest at least $50,000, recruit two Senior Executives and generate $10,000,000 in downline investment volume
- Ambassador – invest at least $100,000, recruit two Directors and generate $50,000,000 in downline investment volume
Note that up to Executive no more than 50% of required downline investment volume can come from any one unilevel team leg.
This percentage is reduced to 40% from Senior Executive.
Recruitment & Retail Commissions
NovaTech pays affiliates to recruit new affiliate investors and refer retail customers:
- recruit a new Bronze tier affiliate or retail customer and earn $50
- recruit a new Silver tier affiliate or retail customer and earn $100
- recruit a new Gold tier affiliate or retail customer and earn $150
- recruit a new Platinum tier affiliate or retail customer sand earn $200
- recruit a new VIP tier affiliate or retail customer and earn $250
If a new NovaTech affiliate recruits three Bronze tier affiliates within 45 days of signing up, they earn a $100 Fast Start Bonus.
If a new NovaTech affiliate recruits five Silver tier affiliates within 45 days of signing up, they earn a $300 Fast Start Bonus.
ROI Match Bonus
NovaTech pays a ROI Match Bonus via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
NovaTech caps the ROI Match Bonus at five unilevel team levels.
The ROI Match Bonus is paid out a percentage of returns paid to unilevel team affiliates across these five levels as follows:
- Associates earn a 5% ROI Match Bonus on level 1 (personally recruited affiliates)
- Junior Executives earn a 5% ROI Match Bonus on level 1 and 2% on level 2
- Executives earn a 5% ROI Match Bonus on level 1, 2% on level 2 and 1% on level 3
- Senior Executives earn a 5% ROI Match Bonus on level 1, 2% on level 2 and 1% on levels 3 and 4
- Directors and higher earn a 5% ROI Match Bonus on level 1, 2% on levels 2 and 1% on levels 3 to 5
Rank Achievement Bonus
Nova Tech rewards affiliates for qualifying at Junior Executive and higher with the following Rank Achievement Bonuses:
- qualify as a Junior Executive and receive $500
- qualify as an Executive and receive $2000
- qualify as a Senior Executive and receive $5000
- qualify as a Director and receive $10,000
- qualify as an Ambassador and receive $25,000
Profit Sharing
NovaTech takes 10% of company-wide investment volume and places it into three Profit Sharing pools.
These pools correspond with NovaTech affiliate ranks as follows:
- Senior Executive Pool – 2%
- Director Pool – 3%
- Ambassador Pool – 5%
Senior Executives, Directors and Ambassadors each receive a share in their corresponding rank pool.
NovaTech pays out the Profit Sharing pools quarterly.
Joining NovaTech
NovaTech affiliate membership is $49.95 and then $2.95 a month.
Full participation in the attached income opportunity requires a minimum $99 investment (affiliate fee waived).
Note that if a NovaTech affiliate signs up with a package instead of just paying the $49.95 fee, they are charged $25 a month (VIP and President package tiers excluded).
Conclusion
NovaTech claim to generate external ROI revenue via their “N-Tech” trading bot.
Supposedly N-Tech trades in forex and cryptocurrency.
Our sophisticated AI Robots suggest solutions to find profitable trades even in the most unstable markets, intelligently maximizing trading opportunities and reducing the possibility of losses without human intervention.
No evidence of N-Tech existing, performing trades or external revenue being actually generated and used to pay affiliates is provided.
As it stands the only verifiable source of revenue entering NovaTech is new investment – which the company uses to pay recruitment commissions.
Given the otherwise fraudulent nature of NovaTech’s business, it’s highly likely the company is simply recycling newly invested funds to pay off existing investors.
Supporting this is NovaTech’s supposed August 17th launch date, and the company seemingly having failed to register itself with financial regulators.
NovaTech is quite clearly offering a passive investment opportunity, which in the context of regulation is a securities offering.
In order to operate legally, NovaTech must register its opportunity in every jurisdiction it operates in.
Q: Where is NovaTech registered?
A: NovaTech is currently registered in the USA, British Virgin Islands and Estonia.
While I can’t speak for the British Virgin Islands and Estonia, I can confirm NovaTech the MLM opportunity is not registered with the SEC in the US.
There is a NovaTech Inc. registered with the SEC, however as far as I can see it’s an unrelated Nevada corporation that sells cleaning products.
This means that irrespective of everything else, NovaTech is operating illegally in the US.
And as far as the BVI and Estonia goes, BVI is an outright scam-friendly jurisdiction with little to no regulation.
Estonia has regulation and regulators in place but isn’t known for timely securities regulation of MLM companies.
Put simply, from a regulatory perspective NovaTech incorporating in either jurisdiction is meaningless.
Again that’s assuming NovaTech aren’t telling porky pies, which let’s face it they probably are.
As with all MLM Ponzi schemes, once affiliate recruitment slows down so too will new investment.
This will starve NovaTech of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
Update 13th March 2021 – Since this review was published NovaTech have attempted to introduce a retail customer tier.
Seeing as it costs exactly the same to sign up as an affiliate with a Builder Package as it does a retail customer with a Builder Package, NovaTech’s retail packages are pseudo-compliance.
The package tier pricing had changed so I’ve adjusted that where applicable.
NovaTech remains unregistered to offer securities in any jurisdiction.
It is believed that Cynthia Petition owns this company together with her husband.
They used to be AWS mining company which disappeared with a lot of money from affiliates all over the world.
The company Novetechfx is owned by Cynthia Petion,her husband Eddy Petion together with their friend Deborah.
It is good to know that Cynthia and co went ahead to open this new ponzi scam called Novatechfx after they duped hundreds of thousands of their hard earned money with their failed business AWS Mining.
AWS Mining, was established by Daniels Bedusche and Cynthia with the help of her husband and a few others they were able to market one of the biggest scam of all time. Defrauding investors on close to 3 billion US dollars.
Stay away from Novatechfx, stay away from Cynthia, Daniel, Eddy, and numerous others who knew what they were planning.
Just stay away.
Cynthia and Eddy Pention owns Novatechfx.
This is another Ponzi scheme set up to defraud gullible uninformed investors after successfully stealing millions of dollars from investors in the failed AWS mining scam they introduced to many investors around the world of which I was a victim.
Run away from Novatechfx, it can never stand the test of time. So, stay away from Novatechfx Ponzi scheme.
Never try to invest your money if you don’t want your money looted by thieves………
NovaTech is another ponzi scheme……… They are a bunch of experienced looters of AWS.
Your information in this articular is incorrect and its you who should be investigated.
That’s why you were so readily able to point out just one error, right?
Meanwhile NovaTech’s Alexa website traffic ranking is 3 million+. #RIP and sorry for your loss.
All those saying Cynthia and Eddy owned AWS get your facts right! They were just affiliates like anyone else;
@ Oz kindly go back to NovaTech again look at it and do another neutral review about what you feel; the current website is Novatechfx.com they’ve really change and improved; plus they are as well registered and regulated brokerage
Cynthia and Eddy were at the top of the AWS food-chain. They made money, which separates them from the majority of AWS affiliates (their victims).
Sure thing:
1. NovaTech still not registered with the SEC; check.
2. NovaTech still committing securities fraud; check.
3. NovaTech still pretending it’s run out of Saint Vincent and the Grenadines through a shell company; check.
Done and done. Nothing has improved, review stands.
Like the opinion editor and Not a real reporter you give us your opinion without talking to whom your bashing.
I know for a fact you did Bias research on Nova . Tell me what slim gave you your info? I was in AWS for 3 years and can assure everyone Cynthia was NEVER a owner. All she ever did is try and help everyone.
Nova tech was developed to clear Cynthia’s name. I can tell you this she will stop at nothing to prove you wrong.
As for the slime who paid you to post this FALSE evaluation, I suspect he lost money (who hasn’t lost money?)(Ozedit: attempt to take discussion offsite removed)
Sincerely James Corbett Servant leader.
I think we’ve entered the age of MLM simps.
1. NovaTech is a Ponzi scheme.
2. This is a fact, not an opinion.
3. You don’t need to talk to scammers to identify their scams. It’s right there in the business model.
This review is based on NovaTech’s business model.
This review doesn’t claim Cynthia was an owner of AWS. She definiately was a top promoter though.
As for helping people, stealing money from people isn’t helping them. Ponzi scammers only help themselves (to your money).
Math is math. When new investment runs dry NovaTech will collapse.
If Cynthia wanted to “prove me wrong” all she has to do is register NovaTech with the SEC and provide legally required audited financial reports.
Yet here we are over a year later. Obvious Ponzi is obvious.
@OZ, you are entitled to your opinion, I joined Novatechfx at the exact time this very publication was made by behindmlm and it’s been over 1year now.
if I had taken to this article, I won’t be sharing my story,since I joined Novatechfx, earning ROI on my trading capital via Novatechfx PAMM SYSTEM, without referring anyone to earn and top of it all getting educated on how to trade on my own at NOVATECH ACADEMY..
Their Affliate system is totally optional,it was after 6months of activities, I referred my friend and got paid referral commission which felt good.
They trade the Forex/ crypto market make profit and pay it’s afflaites who participate in the Affliate system. Am kinda lost here you calling it a Ponzi and thus I wonder why this publication.
I simply see hate and anger @display by your responses.
Novatech has impacted and affected me positively so are others who joined.I have so much respect for the CEO Rev Mrs Cynthia Petion and COO Eddy Petion, whose work ethic I admire so much.
I humbly ask you to drop your rant and think positively. Thanks.
I’m not interested in opinions when it comes to Ponzi schemes.
Prove it with legally required audited financial reports filed with securities regulators.
Whether you’ve stolen money from NovaTech investors who joined after you is irrelevant. Whether pyramid recruitment is optional is irrelevant.
MLM + securities fraud = Ponzi scheme.
The Petions have a track record of participating and now running scams. Whether you respect fraud is also irrelevant.
tHiNkInG pOsItIvElY doesn’t change these facts.
I had a reader reach out and request a NovaTech review update.
The only thing that’s changed is the introduction of pseudo-compliance retail packages (costs the same as affiliate packages) and investment amount adjustments.
NovaTech remains unregistered to offer securities in any jurisdiction.
Based on Alexa traffic estimates, NovaTech is currently busy scamming people in Peru.
The Reverend Cynthia Petion is identified as the CEO on the “About Us” page on their website, novatechfx.com/From-the-CEO/
Her LinkedIn page: linkedin.com/in/cynthiapetion/
Thanks for that. I’ll add up an update to the review introduction.
Thanks for This post. This is just what I needed to make my decision not to join this company.
Money, is too hard to come by these days just to throwing it away!
I remember when this same opinion based blogger of behindmlm bashed another company I was looking to join years ago called IML.
https://behindmlm.com/companies/imarketslive-pyramid-warning-issued-in-curacao-and-sint-maarten/
That link is just one of dozens of negative reviews behind mlm posted. (Ozedit: derails removed, see below)
iMarketsLive went on to be fined by the CFTC for fraud:
CFTC confirms iMarketsLive & Wealth Generators operated illegally
If you wish to discuss iMarketsLive BehindMLM has plenty of articles for you to do so.
Beyond revealing you are hopeless at due-diligence, iMarketsLive has nothing to do with the fact NovaTech is committing securities fraud and running a Ponzi scheme.
You’ll have to try harder to find a review that isn’t accurate. IMarketslive was in fact also dirty.
That and it’s not even a review. Literally me reporting on a pyramid warning issued by a regulatory authority.
Since when is crypto considered a Securities is my question? Also a website and who owns it’s has no major significance on how a company is run and operating. A website is simply a domain name. It can be changed for many reasons said or unsaid.
While you can argue it’s suspicious it doesn’t imply anything but simply that it was changed.
I think what you should really do is get the facts straight from the source if you want to be a creditable source of information for people doing research. That’s my opinion.
Anything with a value attached to it that goes up or down is a security and is universally regulated.
If you given them away for free as “tokens” even while claiming to sell something else even. You hint at a return, it’s a security.
Strawman.
NovaTech’s passive returns scheme is a securities offering. That they use cryptocurrency is neither here nor there.
An MLM company operating through a private registration domain is an instant red flag.
Opinions != due-diligence.
The facts are:
-NovaTech is run by scammers with a Ponzi past
-NovaTech is committing securities fraud
-MLM + securities fraud = Ponzi scheme
With respect to due-diligence, your opinions on the above facts are irrelevant.
A cryptocurrency is a security when the SEC says it is a security under the Howey Test:
investopedia.com/terms/h/howey-test.asp
@Jon
It’s how the cryptocurrency is used (the investment scheme) as opposed to the cryptocurrency itself being a security.
Quick test is “if I swapped out crypto for USD, would this be a security?”
If the answer is “no, because cryptocurrency”, then you’re a scammer in denial and it’s a security.
Goddie Ude is still actively promoting nova tech via email to his list…
I have joined Novatech FX and so far I have not had a problem with this company.
I have seen people pull their bonus earning from the company trade profits with no problem same day.
I’m not sure if this person called to interview the owners or emailed them for proof of their legal standing or if they are just talking from the outside.
I have funded a small account and will be doing weekly updates on my Journey at (removed).
I do not think MLM is a ponzi scheme all company give out gifts for referrals even Coinbass, AT&T, Instacart and Urbur.
You can find me on (Ozedit: spam removed)
Ponzi schemes work until they don’t.
Ponzi schemes pay out as long as there’s new investment to steal.
The SEC’s Edgar database is publicly searchable. You don’t need to join a Ponzi scheme or get an interview to verify NovaTech is committing securities fraud.
No but NovaTech is committing securities fraud. Securities fraud + MLM = Ponzi scheme.
ProTip: Don’t run around the internet spouting pseudo-compliance to shill your YouTube channel.
You’ll come across as a scamming deadshit to anyone remotely capable of actual due-diligence. Not that you seem to care because money.
I’m trying to warn people of the red flags. They don’t seem to care as long as they’re making money.
I guess they don’t understand how a ponzi scheme works. Yes you’re making money now. You may end up not losing in the end but others will.
My question is have you reported them to the SEC?
Unfortunately not much you can do at this point.
They either withdraw more than they invested, making them scammers. Or they lose money in the inevitable collapse, and then aSk FoR a ReFuNd.
Very Useful! Thanks a bunch.
I’ve been in NOVATECHFX since 12 months, and I can say that my life is changing and people that I refer are still profitable.
and Cyntia Petion the CEO is a honest person.
Honest people don’t run Ponzi schemes.
Prison for participating in fraud can also be life changing.
“Cyntia Petion the CEO is a honest person”. You have been brainwashed by a fraudster.
What you are admitting to is being a willing accomplice in a pyramid-marketing, Ponzi scam.
It’s a blindingly obvious pyramid marketing, Ponzi scam.
Looks just like the company beurax that ran away with over 100 million this time last year..
A Ponzi scam is the person at the top makes all the money, sorry I make more money than many above me.
False. A Ponzi scheme is such because newly invested funds are used to pay returns.
How much you steal through a Ponzi scheme is irrelevant.
I’m very impressed how you can be 120% wrong about such a simple thing as a definition and also so confident at the same time.
Probably explains the average scam victim mentality accurately, no basic comprehension ability.
WHile the returns are very very high which definitely is a “red flag” as to the validity of the company, you do have to admit that having been around for approximately two and a half years and still making payouts consistently every week is not the modus operandi of your typical pyramid or ponzi scheme.
Numbers on a screen is not a substitute for registration with the SEC.
Also how long a Ponzi scheme runs for doesn’t negate investment fraud.
NovaTech launched, went nowhere and was essentially dormant until recently (scammers picked up recruitment in the US again late 2021).
Now that NovaTech has enough victims, when it collapses again shit will hit the fan.
I have family members hopping on this train and I’m extremely hesitant and trying to talk some sense into them.
I asked them about the SEC and their response is that Crypto is not regulated by the SEC, what’s a response to this?
is there other ways they can validate that trades are actually happening and that is how people are getting paid?
The response is securities fraud is the issue, not crypto. Securities fraud is illegal irrespective of whether you commit it in fiat or crypto.
There is no exemption for securities fraud committing via crypto in the Securities and Exchange Act.
Nope. Unless audited filed with financial regulators you’re getting marketing fluff.
Why would an MLM company commit securities fraud and opt to operate illegally? Your family members know why.
12 weeks in, 12 weeks of earnings.
How much did you invest and how much have you withdrawn though?
You’d have to have made over 10% a week just to break even (service/withdrawal fees lol). And we know you haven’t. Shill harder scammers.
So they should still be able to file w/ the SEC? sorry for the dumb question, new to most of this.
what financial regulators can help prove that they are committing securities fraud? or where can one see this information / draw those conclusions? thanks for the speedy reply, appreciate this information.
It’s called the Howey test(ask google)…
NovaTech is an investment of money in a pooled fund with expectations of profit so it’s clearly a security…
NoveTech is not licensed to sell securities so they are operating illegally…
In any case…
There is no such thing as a magical bot and with zero proof of trading you can be sure that it’s a ponzi scheme which is also illegal…
All good. Yes to operate legally in the US (where NovaTech and the Petions are based), NovaTech needs to register with the SEC and provide the regulator and consumers with periodic audited financial reports.
I wrote this review in August 2019 and that hasn’t happened. You can’t undo securities fraud.
In the US it’s the SEC, as per the Securities and Exchange Act.
First an investment contract needs to be identified. This is done via the Howey Test.
In NovaTech affiliates invest funds with NovaTech (the common enterprise) “with a reasonable expectation of profits to be derived via the efforts of others” (the purported trading bot).
Once an investment contract has been identified the investment opportunity constitutes a securities offering. Not registering with the SEC constitutes an unregistered securities offering, i.e. securities fraud.
Not only is offering unregistered securities illegal, so is promoting them.
MLM companies commit securities fraud because they’re Ponzi schemes. This is a criminal offense in the US (wire fraud, money laundering).
There are no licenses needed to manage a persons crypto account. (Ozedit: derails removed)
Nobody said there was. The issue with NovaTech securities fraud.
MLM + passive investment opportunity = securities offering.
Not registering with financial regulators = securities fraud.
If you want to discuss “crypto accounts” and “licenses” do it somewhere else. It has nothing to do with NovaTech committing securities fraud and operating illegally.
They invest funds in the form of bitcoin I believe, would that somehow slip through the SEC/security offering hole b/c of it being crypto?
“I believe” is also not a substitute for legally required audited financial reports.
Nope. There are no exemptions for securities offerings made via cryptocurrency in the Securities and Exchange Act.
The use of crypto in no way makes them exempt from the law…
Securities laws apply no matter if they use cash, bitcoin or garbage can lids as currency…
I joined Novatech 3 months ago. I invested $1,000 and started recruiting. I’m up to $2,200 in my trading account.
I have 6 people in and a 7th starting soon. If I am in a ponzie scheme, I’ll be screwing my friends and family (not to mention myself) out of their hard earned money! Why does every frickin good thing I get into turn out to be a big scam?!!
Isn’t there SOMETHING out there that looks too good to be true but ISN’T? I thought I had finally found the holy grail with this deal. DAMN!!!!
Your best course of action when joining a program like NovaTech is to tell your friends, “This may be an illegal pyramid or Ponzi scheme. I’m not well-informed about such things so I’m not sure. We may lose all our money but if we make money and it turns out to be a scam we will essentially be stealing it from grandmas and grandpas and moms and dads who need it more than we do. Sound good?”
Sounds like “scammer talk” to me…
Nova-tech is a ponzi scam no if’s but’s or maybe’s about it…
If you tell them anything else then you are a huge part of the problem and you’re looking to profit from this scam..
Okosh, can you prove beyond a shadow of a doubt that it is in fact a ponzie?
I’m not trying to pick a fight. Just curious as to how you are SO sure when thousands of novatech’ers are SO sure it isn’t.
Have you confirmed your suspensions with the SEC? If so, what did they say exactly? Thanks
As always proof beyond any doubt will come when it’s too late to make any difference for the victims who lose their life savings…
As for the SEC… Show me nova tech registration and licence with the SEC…
If you can’t then there is your answer…it’s a scam…
And if you believe that nova tech or any other platform has a magical bot that never looses a trade then I have a large iconic bridge in Sydney harbour to sell you…
I can’t because I don’t know how to get access to it. (If it exists) That doesn’t mean it’s definitely a scam.
And I don’t have a clue as to this “magical bot” you speak of but I WAS told they use AI technology to assist them in their trading.
I would highly doubt they “win every trade” but as long as they win more than they lose, I guess that’s where our profits would come from. But it sounds to me like you don’t believe there’s even any trading going on at all.
If THAT’S the case then yes, it’s a ponzie scheme. But how can you prove that there’s no trading happening?
Again, not trying to argue here. Just trying to get to the actual truth.
There is no trading going on in this or any other platform… I don’t need to prove it… NovaTech is required to prove that they are trading….
None of these programs show live trades cos there is no trading going on!!…
You keep demanding proof that it’s a ponzi but no matter what you are shown you refuse to accept the answer…
One look at nova tech comp plan and refferal commissions offered is ample evidence that it doesn’t add up unless it’s a ponzi…
And if Cynthia’s history of scamming isn’t enough to convince you then I suggest you withdraw your savings, max out your credit cards and invest the lot in NovaTech…
And don’t bother asking about Cynthia’s scamming past…scroll up and read the review as it’s been covered…
MLM due-diligence hasn’t changed just because a bunch of new rubes have joined NovaTech as their other Ponzis collapse.
MLM + passive investment opportunity = securities offering.
not registering with the SEC = securities fraud.
MLM + securities fraud = Ponzi scheme.
We all know how NovaTech will end.
I dunno, you sound really angry to me, like you have an axe to grind. I’m asking for proof because what’s so seemingly clear to you is not to me.
You may well be right about there being no trading. But there are others who are just as sure there IS trading happening. So whom do I believe?
What I’ve learned about Cynthia Petion is that she was a top earner along with her husband in AWS Mining and they got scammed out of their money just like everybody else did.
But you say they were in on the scam along with the owners of it. Who’s telling the truth? Who do I believe?
Where’s the proof that the Petions were the culprits? There is none. It’s all speculation. It’s all whom one chooses to believe.
You obviously believe it’s a scam and they are big scammers.You may be right. I guess the only way to know for sure is the passing of time.
I appreciate your input. Thx
There’s an invisible blue teapot hovering a foot above my left shoulder that shits gold doubloons.
Can you prove beyond a shadow of a doubt that there’s no invisible teapot?
If you can’t, send me all your money and I’ll pay you 1% a day from its magic gold excreta.
The onus is on the person demanding your money to invest in their magic scheme to provide proof. Not on everyone else to prove a negative.
Notwithstanding that Oz has positively proven that NovaTech is breaking the law by offering investment securities without a licence.
Reason you dunno is cos you have not bothered to educate yourself on how to spot an obvious ponzi scheme…
Cynthia did not lose a dime in AWS…they were among the top earners which means they stole plenty from victims…
This is a factual Internet discussion. It’s letters on a screen. No-one is SHOUTING or using angry >:-( emojis. The only anger is in your own head.
You are trying to convince yourself to join a Ponzi and try to scam people out of their money.
You have subconsciously identified that scamming people will make them angry.
You are projecting the anger that you intend to cause – by scamming people – into neutral, factual posts that are telling you not to do it.
@Kevin
Your proof lies in NovaTech offering a passive investment opportunity (securities offering) and not being registered with financial regulators.
You can verify this by looking up the SEC’s publicly available Edgar database.
Without legally required audited financial reports trading revenue being used to pay withdrawals cannot be verified. Anyone who tells you otherwise is lying.
Why would an MLM company choose to not file audited financial reports confirming external revenue?
You know why. I know why. The Petions know why.
Top earners in Ponzi schemes who make a boat load of money recruiting suckers don’t “lose money”. The money in their backoffices never existed.
I suggest you familiarize yourself with the terms “net-winners” and “net-losers”.
Don’t believe anything you can’t verify.
You can verify the Petions have worked as executives in at least one Ponzi scheme that collapsed.
You can verify NovaTech hasn’t registered their securities offering.
You can verify NovaTech hasn’t filed any audited financial reports confirming external revenue being used to pay withdrawals.
You can verify every single MLM company in history that has offered securities and not registered with financial regulators is/has been a Ponzi scheme.
What you can’t verify is any of the marketing you’ve been fed by NovaTech Ponzi scammers.
I deal in facts. Scammers deal in beliefs. We are not the same.
Dear NovaTech Ponzi shills, you will eventually set off filters in place and be sent to the spam-bin.
You’re wasting both of our time.
Oz, or anyone else that may be familiar:
Since Novatech only accepts deposits with Crypto, is it possible to use blockchain records to prove that they are just recycling funds for payouts?
Only if you have access to the backend to scrape the wallets they’re using. Then you need to sit down and sort everything out. This is headache territory even with all the data.
If everything was above-board details would be filed with the SEC. The fact that it isn’t is a solid indication of fraud taking place.
That’s on top of securities fraud by not registering with the SEC and filing reports in the first place.
Depends how complicated they make their laundering,you can make everything practically untraceable if you feel the need to.
*CashFX for example didn’t even bother hiding it.
Look at it the other way.
Let’s say you had a transaction history for the client account of a legitimate investment fund that was experiencing net inflows (more investors wanting to invest than want to withdraw).
You would see money flowing into the account from new investors and then flowing out of the account to repay existing ones. (Then the balance flows out to buy assets.) Does that prove it’s a scam? Clearly not.
What distinguishes a Ponzi scheme from a legitimate investment is whether it has an external source of returns (or a reasonable hope of one).
If a scheme is breaking the law to recruit investors, all claims of external revenue are immediately invalidated and Ponzi status is proven.
dUh BlOcKcHaIn is just another red herring.
If you have a CCTV video of someone stabbing a victim in broad daylight and a dozen witnesses to verify it was them, you don’t waste time looking for fingerprints on the knife.
It would be a trivial task to obfuscate the flow of crypto and make investments go into wallet A, get mixed about and then pay withdrawals from wallet B, in case anyone was dumb enough to think this constituted proof of external revenue.
As AntiMLM says, it doesn’t matter and a lot of schemes wouldn’t bother.
Evening,
Thanks for the share!
Why would a company registered in the Grenadines be subject to an independent agency of the US when they are not listed on the US Stock exchange?
While I understand that foreign companies need to register, they are only a security if they do what you claim they do, which is recycle money, which you cannot prove. but if they do what they say they do, which is trade, which they have not publicly proved, then they do not need to register with the SEC.
“Investment securities are a category of securities—tradable financial assets such as equities or fixed income instruments—that are purchased with the intention of holding them for investment. As opposed to investment securities, in general, securities are purchased by a broker-dealer or other intermediary for quick resale.”
that is what a security is. and they are not holding the money for investment, they’re trading it.
Your argument is quite compelling. I just see some gaping holes. Also, who is the mystery man with the claims? You were originally mad that they did not disclose who they were but you’re doing the same thing.
you want proof that they’re trading and i equally want your proof that they are recycling money.
you both have pretty wild claims IMHO, the burden is on the investor to determine how is best to diversify their portfolio. It seems they have successfully found loopholes to maximize profit, ie, registering overseas, which plenty of companies do. but you conclude they are recycling money on the sole basis that you havent seen their trades. we’d like to see your proof of recycling just the same.
oh btw sir I am a truth seeker. so if you are able to explain my inquiries I would withdraw my money from novatech and advise everyone else to do the same. I am asking to understand. and challenge if you are just hiding behind claims that sound good and are quite intimidating, but unfounded.
my best,
Trish
1. because MLM related securities fraud has nothing to with the stock exchange.
2. I suggest you read up on MLM related securities fraud. Howey Test etc.
3. NovaTech is run by US based executives and, based on website traffic, is primarily pitched to and consists of US residents.
Nope. MLM + passive investment opportunity = securities offering.
You described a Ponzi scheme, which is a type of securities fraud but that’s another layer of securities fraud on top of the initial offering of an unregistered security.
Again, I suggest you educate yourself on where the Howey Test fits into MLM related securities fraud.
What you are asking for is proof of a negative. NovaTech is legally required to provide financial regulators and consumers with audited financial reports.
There is only one reason NovaTech would opt to commit securities fraud and operate illegally.
I normally mark this as a derail (which it is) but I’ll address it as you don’t seem to be being disingenious about it.
If BehindMLM ever launches a business opportunity and asks consumers for money, feel free to hold me to the same standard.
Till then, BehindMLM and MLM companies targeting consumers are not the same. Who I am doesn’t change the fact NovaTech is committing securities fraud.
1. Ponzi schemes are a dime a dozen, there’s nothing wild about them.
2. The onus is on an MLM company to operate within the law.
MLM + securities fraud = Ponzi scheme.
You can verify NovaTech is committing securities fraud yourself by searching for it on the Edgar database.
Thanks for the thorough response. I respect anyone who will allow opposing thoughts to be posted publicly. It strengthens your stance and I thank you for the thought provoking information.
I will research what you’ve suggested.
Trish….
Please comment as to what you finally determine to do with your investment into Novatech. I also am seeking the truth. Oz seems to know what he is talking about when it comes to fraudulent companies but I am still not convinced Novatech isn’t trading.
However, he says that even if they WERE trading, they are still a ponzie because they aren’t registered with the sec and do not have a regulatory body keeping eyes on them.
I just want to be safe with my money and my friends and families money.
Sort of.
In addition to being a regulatory (legal) requirement, registering with financial regulators and filing audited financial reports is the only way to verify external revenue is being used to pay withdrawals (be it from trading or whatever).
What Ponzi schemes like to do to feign legitimacy is show purported trading (YouTube, FaceBook etc.). That trading, whether it’s happening or not, is not evidence of external revenue being used to pay withdrawals. It’s just proof of random trades happening somewhere.
The only way you can confirm an MLM company offering a passive investment opportunity isn’t running a Ponzi scheme, is via registration with financial regulators and filing of audited financial reports.
Again, this isn’t optional – it’s a legal requirement. Failing to do so is securities fraud.
Why would an MLM company opt to commit securities fraud? You already know the answer.
Mark Twain said”it’s easier to fool someone than to convince them they been fooled”.
My cousin who’s not dumb or greedy, he’s worth over 2 million through hard work,sent me Nova tech link, Said he was in it,and suggested I do the same.
I looked at it for 5 minutes then called him back and told him this is a basic sheeple scam, not even close to plausible!!! He initially said “they said the same about Bitcoin”.
After a while he came around but I feel for Oz trying to help people,some are entranced, hypnotized by the dream of having found the next Bitcoin!!! When in reality they have been scammed!!!
I really appreciate Oz I learned a lot from reading his post the guy really knows what he’s talking about.
Sorry to the victims but remember that if you make money from Nova tech before it collapses (and it will collapse) you will be subject to claw back claims from the government (USA) for the restitution to victims.
How are we still going for almost three years on such a horrendous so called business model?
NovaTech was donesky until relatively recently when US recruitment picked up again. Trading bot Ponzis became en vogue towards the end of 2021.
Not that time is any measure of legitimacy. Legitimate MLM companies don’t commit securities fraud.
I have made a report to the Commodity Futures Trading Commission in hopes that they will further investigate Novatech.
It was never my intention to invest with this company but I have family that is willing to put in large sums of money.
Even if they made their money back, if the company is a scam, any money beyond their initial investment is not their money.
Investing for the future is a great thing, unfortunately, we always find a way to muck things up. We use pump and dump, rug pulls, and other schemes to steal from our fellow man.
We create garbage NFTs like the ones Gary Vee is offering and sell them for ridiculously high prices. What are we doing?
People do not have to believe that this company is a scam. If it turns out to be one, then how many of them do you think will return any profits that they received so that the people who didn’t can recover what they lost?
Larry Williams please comment here when you find out what the CFTC says.
I have some money invested in Novatech and am ready to pull it if it is CONFIRMED to be a ponzie. Thanks.
If Novatech crimes are so blatant, why isn’t anyone going after them?
You’d have to ask the SEC and CFTC. They can be reached via their respective websites.
I too have invested with Novatech. But will watch this site for updated information. But I want to see proof not somebody’s opinion.
I cannot find anyone that has been harmed by Novatech. I have not brought anyone else in but me.
You would think by now after 3 years there would be some people complaining or damaged?
You can verify yourself NovaTech is committing securities fraud. The SEC’s Edgar database is publicly searchable.
Despite claiming to trade forex, NovaTech is also not registered with the CFTC as required by the Commodity Exchange Act.
MLM + securities fraud = Ponzi scheme.
How long a Ponzi scheme runs is immaterial to it being a Ponzi scheme. Bernie Madoff, 20+ years.
I called the SEC last week and asked the woman who answered the phone about Novatech. She said that since Novatech is located outside of the United States, they are out of the SEC’s jurisdiction.
So she was unable to give me any legal advice. But, she did say based on what I told her about Novatech that she wouldn’t invest a penny with them. She also said she is not a risk taker at all.
“Some people are perfectly ok with risking money in businesses like Novatech. I am not one of those people.”
I told her that I am a risk taker but I’m not stupid! If Novatech is a ponzie then I am pulling my thousand bucks out and telling the few people I brought in to do the same! But not until I have absolute proof that it is.
I DO have a feeling it is and Oz is usually right about these types of deals. (Unfortunately for all of us dream seekers)
So based on what she said, it will have to be another entity besides the SEC to investigate Novatech. Maybe the CFTC.
NovaTech is run by Cynthia and Eddy Petion from within the US. New York last I checked. I also remember Florida coming up.
Ah alright, so even after it collapses you’ll need to see the audited financials just to be sure?
This is always the hilarious bit to me, hundreds of thousands of victims of thousands of scams every year, all singing the same tune to their own detriment.
The onus is on the provider to prove legality with the proper registrations and audited financials. Yet you people keep dumping money in, your due diligence being the other idiots getting paid.
Stupid and greedy.
Mark Twain said”it’s easier to fool someone than to convince them that they have been fooled”.
Nova tech has not been around for 3 yrs, they changed their registration in 2020 to a different name, they only got traction in the last 6 months or so,,
they are offshore they are not registered to trade forex,, they are clearly a basic sheeple scam not even close to be legit!!
Plus for the people that think they are going to get in and out before it collapses, morality of that aside, remember that if you live in the USA you are subject to claw back lawsuits by USA authority to compensate the victims who lost money.
they are more crypto scams than legitimate businesses or at least it appears to be the case in 2022, good luck finding honest ways to make money in this market,.
That’s why there so many of these scams, people are desperate!! And scammers are having a field day.
(Ozedit: abuse removed)
You seem to be certain that Novatech is a big scam. You might be right. But I am neither stupid nor greedy assbag! And I don’t appreciate being called such! I’m simply trying to find a legitimate way to supplement my income.
If Novatech is a ponzie, I will get out and find a better opportunity. I certainly don’t need your jackass comments.
Besides, how do you KNOW the Petions wouldn’t be able to provide the proper documents needed to be in the clear if called upon to do so?
While you may end up being right, I’m pretty sure you could be a lot more tactful in your comments and not be such an A hole!!
Because it is.
I am.
Oh yeah you’re certainly proving that now /sarcasm.
Lucky your appreciation does not really affect you being a greedy assbag or not, your actions do.
Then go legitimate (hint: there are 0 low-risk get-rich-quick schemes because – they are all schemes).
You won’t, because you clearly lack the basic critical thinking to properly identify obvious frauds.
Don’t make stupid comments if you don’t want jackass replies, Jackass.
If they could have they would have, legitimate businesses don’t sort compliance out after, they sort it out before.
I am.
I could, but you greedy/desperate imbeciles would still complain that ** insert scam here ** iS nOt A sCam, so I might as well make it entertaining.
This yokel Kevin Keller can fill his diaper with the best of them on here.
Hilarious…in a sad way.
The clueless and emotionally disturbed like Kevin just can’t play these money without it ending badly.
They see him coming as a singular rube and clean him out.
This is important not to forget. NovaTech itself was a spinoff of AWS Mining, the Petion’s previous Ponzi.
NovaTech had all but collapsed until US Ponzi pimps started funneling their Hyperverse/Intelligence Prime Capital etc. victims into it in late 2021.
All these rubes coming on here banging on about tHrEe YeArS are new recruits.
@Kevin
This is not how securities regulation and wire fraud criminal charges work.
You can’t reverse crime with backdated compliance. The Petions have been committing wire and securities fraud dating back to AWS Mining.
If NovaTech was to register with the SEC and CFTC tomorrow and start filing audited financial reports, it might go some way to lessen a judgment against them. But the crime has already been committed.
Your due-diligence should begin and end with “why is NovaTech operating illegally?”
That you defend that sentiment provides insight into commentary directed at you.
Well, Kevin, to be honest, your endless repititions of the same tired demands for “proof” while echoing over and over “You haven’t convinced me yet” are getting rather tiresome.
Why don’t you spend some of your own time looking up what a security is, and checking the SEC’s EDGAR database for NovaTech and see for yourself?
Try doing your own due diligence instead of asking us to spoon-feed you and then spitting it out like an infant who doesn’t like the taste of solid food.
There’s an old saying about teaching a man to fish so he can feed himself instead of begging others for fish each day. You seem entirely unwilling to learn to fish; how do you expect people to react?
In an earlier conment, you expressed doubt there was a database of companies registered to offer securities. Did you bother to ask Google? I did, in so many words:
I didn’t even need to use the term “EDGAR” (or a question mark). I followed the first hit and scrolled dowm a little, and there it was. No phone call required.
Here you go (just replace NOLINK with https in the browser address window):
NOLINK://www.sec.gov/edgar/search/
NovaTech is accepting investments (it doesn’t matter if it’s in dollars, euros, crypto, or garbage can lids) and promising a return.
That’s offering a security. They are not in the EDGAR database (the only match is an unrelated company in Reno NV, run by a “Dieter Berndt”), so they’re committing securities fraud.
That’s what I can prove, and it should be all the proof you need.
Oh, and you invested your money in them, which makes you culpable, too, though no one is likely to come after you if you’re a net loser (like most) and haven’t recruited anyone.
FWIW Kevin did return. Instead of addressing anything about NovaTech though he just carried on with name-calling and more abuse.
Then he boasted about his daily numbers on a screen. I sent it all to the spam-bin.
That goes for any other NovaTech shills. Your numbers on a screen don’t justify securities fraud and NovaTech running a Ponzi scheme. Nor does it contribute anything to the discussion.
I had a feeling “Kevin” wasn’t playing straight with us. That “phone call to the SEC” (#89) sounded about as genuine as Milli Vanilli.
Out of the SEC’s jurisdiction? NovaTech is based in the U.S., selling securities in the U.S. That’s called “IN the SEC’s jurisdiction.”
1) I was just returning some of the abuse I received (Ozedit: see below)
Kevin I’m not playing stupid games. You’re questions regarding the SEC and their Edgar database have been answered.
You can verify NovaTech is committing securities fraud. If you want to continue participating in a scam, that’s great. You don’t need to come on here and continue to be disingenuous about it.
If I don’t see anything addressing NovaTech itself and securities fraud, which as stated you can verify yourself, spam-bin.
Shame sNoWfLaKe. This form of capitalization is not uniquely Oz or Behindmlm, get out of your basement more and you’d be aware.
Re: abuse, it’s not abuse if it’s true, and your epic rant did nothing to prove otherwise. Quite contrary.
It’s been explained, with reasoning so you’ve been babied, you refused to acknowledge basics and now you get the belittling. Sorry if getting called stupid for acting as such was hurtful somehow.
All your contrarian arguments regarding Nova are tired and repetitive, you didn’t do proper research or you’d have remained quiet – that’s a sign of being educated.
The Howey Test refers to the U.S. Supreme Court case for determining whether a transaction qualifies as an “investment contract,” (Ozedit: snip)
In 2019, the SEC ruled that Bitcoin (Ozedit: snip again, see below)
There is no exemption for bitcoin or cryptocurrency in either the Howey Test or the Securities and Exchange Act.
If you’re pooling your money under the control of a third party (via a bot or otherwise), with the expectation of passive returns, it’s an investment contract.
I thought the MLM underbelly had moved past this pseudo-compliance. These days you just forget about pseudo-compliance and run off to Dubai.
I’ve been waiting for novatechfx to collapse so I don’t feel like I missed out lol.
Last year when a co-worker pitched it to me, I recognized it as a ponzi scheme right away. Then I did more research and found more red flags.
I told him about what I found. At first he seemed scared. Then he continued recruiting more gullible people who thought he discovered the next best thing. Most of them Haitians.
When I told him again about the red flags, he said “I don’t care, I love it”. Then on May 5th this year he told me if he had listened to me last year he wouldn’t be making that much money. Talking about how he’s on track to buy a second home with his “earnings”.
Then he mentioned Eminifx to me. I said I’m sure if I look it up it might turn out to be another scam. Sure enough when I looked it up, it looked like the same business model as Novatechfx.
I sent him a voice message on Whatsapp later that day and told him it looks like the same crap.
He said well they may be crap but they’re making me money. A week later news broke out that the Eminifx CEO had been arrested for fraud.
When I got the headline in my email on May 13th, I sent him the link thinking I was giving him new information but it seems like he already knew and said nothing.
Till this day I haven’t received a reply nor run into him at work.
I hope it’s not really the case that it’s out of the SEC’s juridiction to go after novatechfx because even with this news, most of them are still naive enough to not see that novatechfx is the same thing as eminifx.
Have you ever tried to make Kentucky Fried Chicken using all the recipes online that shows you how to get that exact taste? If you did or you didn’t Im here to tell you know one replicates the taste exactly.
My point is, this company EminiFX took a disclaimers, terms & agreements, and exact wording from Novatech and just changed a couple things to fit their differences.
However the backend of what EminiFX was doing and quite evidently the front end was completely different.
Comparing EminiFX to Novatech is negligent. You wanting to see Novatech fail to prove someone wrong shows exactly the type of person you are…
Unfortunately your going to get the short end of that stick because Novatech is a real company that will be around for as long as crypto currency is relevant. So your definitely missing out .
If you want to make such representations then provide legally required audited financial reports for NovaTech.
MLM + securities fraud = Ponzi scheme
I saw your full reply, and you clearly have no idea what constitutes a security and somehow try through some False Equivalency gymnastics to legitimize Novatech as if it was somehow Bitcoin itself.
Hint: It’s not.
Scams copying scams is nothing new.
Not the best comparison,but Negligent doesn’t mean what you think it does either
The type of people that prefer to do business above board? SHOCK AND HORROR
Yeah naw, they’ll last as long as imbeciles like you pump money in and recruit more suckers to do the same.
They aren’t a unicorn that somehow did the impossible – if they did they wouldn’t have wasted time with you idiots,they’d pick a hedge fund and make billions instead.
STOP POSTING WHAT YOU DON’T KNOW. NOVATECHFX IS 100 PERCENT AMAZING. I STARTED WITH $500 IN NOVEMBER 2020 AND GREW MY TRADING ACCOUNT TO 6 FIGURES IN LESS THAN 1 YEAR.
I HAVE BEEN INVESTING WITH NOVATECHFX WITHOUT ANY ISSUES AND STILL ON THERE PLATFORM.
I GET A CONSISTENT ROI EVERY WEEK. I CASH OUT MY ROI WEEKLY WITH NO ISSUES.
NOVATECHFX IS BUILT ON INEGRITY, HONESTY AND HELP ORDINARY PEOPLE BECOME FINANCIALLY WEALTHY!
1. How much you steal through a Ponzi scheme doesn’t lend it legitimacy.
2020 makes you a relatively early investor. Scammers who get in early on Ponzi scams running around singing their praises is nothing new.
So why isn’t anybody honest about NovaTech’s lack of integrity then? Nothing screams integrity like securities fraud.
Its been 2.5 years since you wrote this article and your last update was over a year ago. You still think its a ponzi?
Seems like most crypto ponzis fall apart after a few months. Also most of the ponzis offered way more ROI than Novatech pays and they usually guarantee some type of return.
I am not invested in Novatech. I am just curious. Thanks.
Bernie Madoff sez hi.
MLM + securities fraud = Ponzi scheme. NovaTech has been committing securities fraud since day one.
How long a Ponzi scheme runs for is irrelevant to it being a Ponzi scheme.
Explain to me the ‘claw back’ for earnings above the investment principal when the MLM fails.
If an MLM Ponzi is shut down in the US and a Receiver is appointed, there’s a good chance at some point they’ll file clawback litigation against top net-winners.
As I understand it people are still being hounded over Zeek Rewards judgments sold to debt collection companies. Zeek was shut down in 2012.
Oh and of course all of this is public so RIP your reputation. Not that many scammers seem to care (at least not publicly).
Bernie Madoff wasn’t in crypto. I didn’t ask you if it was committing securities fraud. Give me a crypto ponzi that’s lasted 2.5 years.
Please name one that’s lasted anywhere close to that long that can be proved it was a ponzi.
I’m not protecting Novatech I’m just digging deeper.
Don’t be disingenuous,they run as long as they get suckers. Be it crypto,potatos or sheep.
Onecoin’s an easy example, 2014 to current.
CashFX 2019 to current.
You aren’t digging deeper you are trying to technicality yourself into believing what you want.
Math is math. Crypto Ponzis function the same as any other Ponzi.
Again, how long a Ponzi runs for is irrelevant.
BitClub Network – 5 years
justice.gov/usao-nj/bitclub
There’s no need to dig past the SEC. You can verify NovaTech isn’t registered through the Edgar database.
MLM + securities fraud = Ponzi scheme
Here comes the strawman bs..smfh.
Prove it’s a ponzi??..
Only scammers demand that…
As if that made any difference. Shaking my damned head at the fucktardiness.
That’s right, I just coined a neologism, and I feel very squeeculous about it. (Oops, I did it again!)
FIRST AND FOREMOST THIS IS NOT, I REPEAT NOT A PONZI SCHEME the only Ponzi scheme is the one presenting it as such.
The devil is (Ozedit: derails removed)
Feel free to provide evidence NovaTech has registered with financial regulators and provided legally required audited financial reports.
Otherwise MLM + securities fraud = Ponzi scheme.
Also while you’re a good example of religious affinity fraud in action, if you want to prattle on about the devil go to church.
Did you invest more than you can afford to lose??….lol
There sure are a lot of idiots rocking up to this article, trying to defend the indefensible.
Scammers call themselves “reverend” and the suckers fall at their feet. I got two words for y’all:
False.
Prophet.
You guys are awesome!! Thank you so much!! I was introduced to Novatech by someone I chatted with on the internet.
Good practice to investigate before I invest, and then when you’re done investigating investigate some more!!
I did some digging and couldn’t find much that was glaringly nefarious (besides Cynthia using Rev. As a title) about Novatech.
I’ve never traded before sonic would have no clue what the red flags are for a ponzi scheme.
I watched the videos my internet buddy sent me, the people doing the presentation seem like very genuine people who really believe their successes are legitimate which I can see how that would be enough to fool the unsuspecting trusting person.
The truth is you just can not afford to not verify for yourself with all the resources at your fingertips if something you’re pumping money into is a scam or not.
If you’re making lots of money off something that’s too good to be true it’s because it is!!
You meatheads that are insulting the people here trying to save you from financial ruin deserve it if you’re going to display your wilful ignorance in your scam.
Defending your scam because you haven’t verified its a scam because you’re too lazy is still a scam. That effectively makes you a scam artist!
Much appreciation to those trying to warn people. I had a second meeting with my internet buddy to set up my account tomorrow and I’m so glad I decided to do more research. (Search results for iPhone and desktop are way different. I’ll be canceling my appt with her because of this article confirmed my suspicions.)
Just looking at the faces of the directors of the company they stink of con artists.
Regarding Novatech, what would you say to a die hard Novatech person who claims that since crypto is not regulated (Ozedit: snip, see below)
You stop them at “crypto is not regulated” and tell them securities are.
MLM + passive investment opportunity = securities offering. You can further prove this with the Howey Test.
Unregistered securities + MLM = illegal to offer and promote as per the Securities and Exchange Act.
The Securities and Exchange Act doesn’t exclude cryptocurrency investment schemes from being securities offerings.
This is like saying “Speed Limits” are not regulated, while enforcement has been lax there are actually laws applicable.
Securities are in fact regulated worldwide much the same, whether you use Bitcoin, Potatos or Cows.
i thought SEC registration is based on whether the hedge fund has investor assets over a particular dollar amount (e.g., $100M) . . . not sure Novatech is there yet . . .
There are different reasons that require registration with the SEC.
With respect to MLM, it’s typically automated trading.
MLM + automated trading = securities offering. You can verify this with the Howey Test.
On their “3 Year Anniversary” Zoom call, the Novatech founders stated that there were over 500 Senior Executives.
That requires $2,000,000 in downline volume, so that would be $1 billion right there. Crazy that this is still going somehow and hasn’t hit critical mass.
If you go back NovaTech originally launched… and then died.
It was only resurrected relatively recently on the back of YouTube spam.
Re. downline volume, you have to remember that’s not $2 mill individually. There’s a lot of overlap.
People desperate to make back their losses on Crypto and the demise of a few big ponzis that stopped paying alltogether (hello crapfx and hypershits victims).
HyperPonzi pimp Chris Clark also now pushing this garbage…
Done doubled my investment and account growing bigger and bigger! Done received back more than invested.
Congrats on graduating as a scamming thief.
NovaTech is still committing securities fraud. NovaTech is still a Ponzi scheme.
Thanks.
Hang on if you were new in April 2022 and your account is still growing, either you recruited a boatload of people or you think numbers on a screen = income.
If that’s the case then I take back my congratulations. Sorry for your loss.
Feel free to Post your personal details so victims can claim from you when it inevitably collapses – if you aren’t afraid of course.
…And when this ponzi is over and done, you will be crying about how you done been done in by the scammers.
I saw in one the posts that the SEC said Novatech is out of their jurisdiction. But any top Novatech distributors that are in the US could be in the SEC crosshairs.
Just ask the top Bitclub members. Novatech is no different than the Bitclub ponzi scheme.
Nah. That was a claim made by “Kevin,” who was pretty clearly telling porkie pies.
I would’ve thought by now that a reality check would have hit the community of Novatech with the crypto market dropping dramatically over the last several months.
One would think it would give someone pause to ask themselves why am I getting such good returns when the crypto winter is absolute zero right now. Unfortunately it appears the “investors” Cognitive bias blinds them to any reality other than the return numbers on their screens.
Thanks for trying to Warn people before it’s too late and lose all their money.
My relatives have heavily invested in Novatec and I fear that they will be caught holding the bag of empty promises (and financial loss) when it goes south.
People don’t want to listen. Now they’re growing in popularity and getting more funding. I don’t see them drying up any time soon unless they’re shut down by the feds.
I’d imagine this is even worse with the “withdraw whenever you want” policy they have.
Unlike normal x% for y days ponzis where people might hesitate to lock their funds up for a whole new term, in Novatech they’re under the illusion that they always have access to their money.
So I’d bet that very few are actually withdrawing anything, when they can compound without any lack of perceived liquidity. Reverse psychology almost.
I have literally stumbled upon this because of seeing adverts for this scheme in South Africa recently.
The interesting thing is, it is mostly lower income people, religious and who do not exactly have expandable income to “trade” with.
It seems to be making the rounds globally and that’s why it could be difficult to stop.
I am battling whether to actually call out the people hailing it as some sort of golden goose, problem fixer when it is clearly a scam.
Every week someone on social or on chat will update their status inviting people to trade. It’s not only scary but part of me really wants to warn these people and give them the benefit of the doubt that they do not know better.
The amount of people defending this system is unsettling to say the least.
Please can someone give me an honest reply as to what the SEC have said about Novatechfx?
If they are not legally registered as many have said, why have they not been arrested?
1. US regulators and authorities don’t comment on MLM companies unless they take regulatory action and/or make arrests.
2. If you still want to try your luck, you can reach out to the SEC via their website.
3. Not getting arrested doesn’t equate to a legal business model. NovaTech FX is committing securities fraud, irrespective of whether anyone has been arrested.
I was pitched this company today. Multiple people at a party showed their statements with 10,000 plus dollars. They were very excited and loved to show how much they made. One person had enough to retire early.
The one guy put in something like 16,000$ and I was not about to go that deep into anything. I pulled up the Novateck website and another google page while they were still pitching their successes to me.
On the surface things seemed good but when I saw claims of a 1,000$ investment with 30% or more returns guaranteed that was a big red flag.
Opened that second search page and found this forum. I appreciated the skepticism and the proponents bringing up points. Clearly this business is not on the up and up.
Owners being part of previous Ponzi schemes, unrealistic returns promises, not filed with SEC, using known offshore countries for their business needs. All red flags that should be seriously considered.
Given that this is a bitcoin thing and that it seems it is still growing it may still be in the early stages, it may not collapse anytime soon.
Thank you to whoever contributed to this web page. Your discussions have been valuable to me.
Thank you for the info.
I have not seen anything on Novatech website that guarantees any %?
Those disclaimers about “past performance does not guarantee future performance, but xx hasn’t performed worse than yy….” yeah..the courts consider that a guarantee.
It’s not even about guarantees. The relevant Howey Test prong is the expectation of profits derived from other’s efforts.
That’s NovaTech’s business model.
@Anthony Holt
Also look at the insane consistency of the supposed “trading returns”. 3% average ROI with only a 0.5% standard deviation, and that’s really never changed. Oh and not a single losing (or zero return) week.
Pretty clear that the weekly returns are made up to maintain those averages… to in turn also maintain member confidence and reduce people pulling funds from the system.
I ask that question? I was told that some weeks they do have losses and some week they have larger than 3% gains but only pay out 3%.
They take the gains from the higher weeks to help out with the losses from a bad week. That’s the over all average which has been 3% for over 3 years now.
This is not a substitute for legally required audited financial reports filed with financial regulators.
Literally not possible. Stop huffing paint in desperation.
@Anthony
In that case they still wouldn’t be doing what they claim to do then. And it wouldn’t explain the 4% weeks, or the 2.x% weeks.
Every week should be practically the same in that case. But nope, they just make up random numbers around the mean without deviating much to maintain the average.
And all of that has to be after you convince yourself that people whose only past history is heading up Ponzi schemes (AWS Mining) can now make 3% profit/week (+ more for commissions) trading consistently week in and week out. Something that not a single financial expert can come close to.
You have to question that part at least, right?
And compliance department (lol) not happy about members posting their profit %… it’s against novatech rules!!
In the “largest novatech group” when asked why this rule was in place? The answer given was because, “regulatory bodies see it as enticing and may try to shut the company down”….
This is total bullshit of course!!…
I’m not huffing anything. Yes I’ve put money in nova tech…. just my money only. Not brought anybody in and don’t plan to.
I’m about a month away from getting all my out of pocket back. At that point I’m resist free. I’ve made one withdraw so far.
At ~3% a week with no recruitment, you invested a while ago.
Like your money was stolen by those who invested before you, if you do manage to withdraw, you’ll be stealing funds invested by all the recent mostly US recruits.
@ 3% per week you are being paid with your own money for 33 weeks!!…
Numbers on a screen != withdrawing.
I started in April and yes have received one small withdraw. But until I get all my out of pocket back I’m not stealing nobody’s money.
Your money was stolen the second you handed it over to NovaTech.
Anything you withdraw is the theft of funds invested after you. That’s how Ponzi schemes work.
So you are admitting it’s stolen money that’s being paid out.
Just you argue “when” it’s stolen due to misunderstanding how ponzi scams work – your money went to people who deposited before you. Your withdrawals are the money of those who deposited after you.
When it collapses,all withdrawn funds are stolen from the bottom of the pyramid – this is the simple math.
Do you have solid proof of this? Is there proof it’s a true Ponzi scheme?
MLM + securities fraud = Ponzi scheme.
You’re going the wrong way around.
They do not have audited financials or financial services and securities registration.
That means they are illegal already.
The only reason such a “successful” “profitable” business runs illegally? Because it has something to hide.
Not rocket science.
@Anthony
To ask the reverse question, because I’m genuinely interested:
Do you really think that the returns they’ve been giving thus far (both in magnitude and consistency) can be legitimately generated?
If so, please explain how you think it’s possible. If not, then there’s another answer for you on top of AntiMLM’s valid explanation.
See comment #98, above. That’s your proof of securities fraud, and you are a willing participant. Good luck with the scamming.
By the way, your participation in a scam makes you a scammer, even if you’re still in the hole.
Stealing from others to recover some of what was stolen from you (see #166) is still theft, whether you do it yourself or pay someone else (the Petions) to do it for you.
It’s like the words ponzi scheme don’t carry any weight with my coworkers bragging about their returns. They think that they win as long as they withdraw their initial investment and “play with the house money”.
Some also put their money into eminifx and still don’t see the similarities with novatechfx.
The problem they see with eminifx is that their roi was too high. They should have gone lower. I try so hard not to laugh at those dumb agruments.
One said Novatechfx don’t need license in the US because they’re an international company.
They’re confident even if the government shuts novatech down they can recover their money through the government. Even if it takes years.
Geez, sounds like your workplace is populated by some pretty braindead folks.
Sounds like lack of basic education (arithmetic) is the problem across the board. You have my condolences.
I’m so glad I’ve found this, I was just about to invest £500 into this, I was referred to it by a person at work.
So glad to have come across this thread. A friend of mine was telling me about this today.
3% weekly? If it’s too good to be true, it probably is.
Audited financials are your friend, and a fraudster’s avoidance, among other things proper licensing. Oz and company, good work!
It’s like the words ponzi scheme don’t carry any weight with my coworkers bragging about their returns.
They think that they win as long as they withdraw their initial investment and “play with the house money”. They do win.
Sounds like you might have to accept you’re working with a bunch of scammers.
It isn’t “house money” in a Ponzi scheme, it’s other people’s stolen investment funds.
What proof do you have that the money is stolen investors funds? Not saying it is or isn’t just that you have zero evidence you are just speculating.
Unless you think that the money paid out to earlier members fell from the sky it has to be stolen from someone…
Ponzi schemes like NovaTech are a zero-sum equation.
Numbers on a screen is money that doesn’t exist. When you invest, your money is stolen by earlier investors. Anything you withdraw is money stolen from other investors.
Math is math, there’s no need to speculate.
I don’t know either way and neither do you. Do you have proof they are not trading?
I can’t say they are or not and neither can you which brings up my point all we can do is speculat! Unless one of us has solid proof so I can’t say either way.
That much is obvious.
When you ask for proof of a negative you’ve already lost.
The correct due-diligence question is, “Has NovaTech provided evidence it has registered with financial regulators and filed audited financial reports confirming trading revenue is being used to pay withdrawals?”
MLM + securities fraud = Ponzi scheme. No exceptions.
Like all typical scammers/shills you demand that we prove a negative…
How about you prove a positive..
Show us proof that they are trading… Also show us their licence to sell securities…
We’ll wait…
Like I said I can’t show either and neither can you. Maybe it is maybe it isn’t. I have found no one that says they have lost money?
Anyway there is nothing else to discuss until one of us has proof. Good or bad.
I can show you NovaTech FX is committing securities fraud. You can verify this yourself.
MLM + securities fraud = Ponzi scheme. No exceptions and all the other Ponzi excuses are irrelevant.
By the time people realize they’ve lost money in a Ponzi scheme, it’s too late. You won’t see recent ‘HoW dO i GeT mY mOnEy BaCk?’ comments on BehindMLM because I started marking them as spam a earlier this year.
If you can’t show proof of trading then they are not trading…
Known MLM scammers start an Unaudited Unlicensed Investment company in a field they have no cucking clue about and “consistently” produces impssible results that beats everybody else in the market and somehow they aren’t a scam?
Can you share some of that shit you are smoking, the denial is out of this world.
Nigerian princes love desperate souls like you.
Anthony Holt – just think about it and get a calculator out…
4% per week is 765% p.a. compounded.
FACT: One of the richest and most successful investors on the planet, Warren Buffet, “only” made an average of 16% p.a.
Novatech have ZERO proof of actual trading and yet you think it’s feasible they give you 47x more money Warren Buffet could?!
Conclusion – a fool and his money are easily parted.
2 days ago it was a “system upgrade”… Now this bs…
Looks like fresh deposits are drying up…
Really excited about everything Novatech. Thank you for posting this so everyone here can see why Novatech remains the number #1 Crypto & Forex Trading Company over the last 3.5 years.
D, remember that sustaining exponential growth gets harder and harder as the numbers get bigger.
And future exponential growth is required to keep a ponzi scheme like this alive.
You may want to consider reading that update as “critical mass has been reached” and be watching for an implosion sooner rather than later.
Did you invest more than you can afford to lose??…I’m betting you did…lmao…too funny…
NovaTech’s website traffic growth declined substantially between July and August. If it flatlines or goes into decline over the next 2-3 months it’ll enter “ruhroh” territory.
Recruitment efforts in South America haven’t caught on. South Africa and to a lesser extent the US are providing new funds to steal. Most of the money flowing out will be going to earlier US investors.
All this is assuming regulators in the US don’t finally pull the trigger of course.
Hopefully regulators step in soon here.
@Oz, what are you using to see website traffic now that Alexa has been decommissioned?
FFS…we only just made a now what fb group for this scam few days ago!!…
SimilarWeb does the job. Only 3 months history instead of 6 month history but that’s enough to get an idea.
Oh and it’s only updated monthly. Alexa was updated quite frequently from memory.
You must be one of those hopeful people that lost your money in Hyperverse and now your fearless leaders lured you into this scam.
Actually I figured through the lack of transparency and false advertising using Amazon in the early stages when it was called HyperFund that Hyperverse was a rob Peter to pay Paul platform.
Anytime funds are locked for a period of time with no access , in HyperVerse case it was around 16 months it’s a tall tell sign.
This is not the case with NovaTech. Knowing that I can withdraw my 25k initial deposit at anytime gave me enough confidence to make a calculated choice to join. A year later now it’s been the best experience ever.
Yawn. The “tell-tale sign” Hyper* is a Ponzi scheme is securities fraud.
The tell-tale sign NovaTech is a Ponzi scheme is securities fraud.
Anything else is just the usual Ponzi denial copium. Or scammers who “got in early” and are now busy stealing the recent crop of investor funds (NovaTech was effectively dead throughout most of 2020 and 2021).
People who follow the “leaders” like Kalpesh Patel are totally brainwashed and deluded cult members.
Always interesting to get a view inside the mind of a serial failed scammer.
How could this obvious Ponzi have turned out to be a Ponzi? Was it the ludicrous rate of return, or the securities fraud, or the fact that a company nobody has ever heard of was supposedly outperforming all other investments?
No, it must have been because their pretend investments had a lock in period, like numerous legitimate investments such as pensions or fixed term deposits.
This Ponzi doesn’t have this “tell tall sign” that I’ve just made up, therefore it must be for real and I’ll give them what’s left of my money. We’re gonna be rich Ma!”
Well there goes $500. By their website, it’s up to 649ish now.
And there is a 90 day lock on funds, which I haven’t quite met yet.
One question I do have. There has been mention made of the “claw back” suits. Wouldn’t the Petion’s have been subject to those from this AWS scam you mentioned?
And if so, how did they escape the SEC radar to start anew? Or am I asking for a level of government efficiency beyond reason?
Thanks for the public service you are providing via this forum! I was about to invest in Automated Capital. Glad I found you!
AWS Mining was run by Daniel Beduschi and Alexandre Campos from Brazil.
Clawback litigation happens when regulators go after a company and a Receivership is appointed. It can also happen by way of ordered restitution in a DOJ criminal case.
Neither happened with AWS Mining. The closest we got was Texas issuing a cease and desist and AWS Mining confirming it was a Ponzi scheme.
Brazilian authorities didn’t do anything.
Due to the Petions being US citizens with ties to the US, and the majority of NovaTech investors being US residents, the SEC and/or DOJ will likely pull the trigger at some point.
When or even if this happens is kept under wraps. Standard procedure with US regulatory investigations.
Is the 90 day lock a new thing??..
The 90 day hold isn’t new. They say any withdrawals from your principle in the first 90 days gets hit with a 20% fee.
After 90 days is up, then that fee goes away on principle withdrawals.
Principle withdrawals also take up to 14 business days to process. Their way of faking that they have to close trades and move the money out of their trading accounts.
Withdrawals from ‘earnings’ are supposedly fast (for now) and don’t have any fees.
@Corky, based on your balance it looks like you could withdraw and break even, 20% fee included.
Probably your best best.
There’s no 90 day lock. It’s a 90 day period where youre charged a 15% penalty if you withdraw your initial deposit. However profits can be withdrawn daily with no penalty.
Take a look, they definitely raised it to 20% in the Cancellation Terms. Not a good sign.
They did not change anything. Just took this from my back office.
Essentially you have just said this: there’s no 90 day lock, but it’s a 90 day lock.
You may be using other words to claim that it’s a totally different thing, but in the end you just confirm the initial accusation.
Also it’s a “current trading balance”, which also include all profits made prior to withdrawing.
@D,
Try clicking on “Cancellation Policy” at the bottom of the site when you aren’t logged in. It definitely says 20% (and I do remember it saying 15% when I’ve looked at it before).
Maybe they changed it for new members to disincentivize people from withdrawing their principle even more.
To bring the thread back to the basics. If a “business” says it can pay 3% weekly, it’s obviously a Ponzi scheme which means it WILL collapse (as all Ponzi schemes do) and most “investors” WILL lose their money. End of story.
Last week was 2.77 a few weeks back it was .72% so no it’s not guaranteed. They say past results does not guarantee future results.
3 years of “trading” and they’ve never reported a losing week. Besides a couple of outliers like you mentioned (which was during a huge market crash so they had an excuse), the returns typically vary by only tenths of a percent on average.
In fact the standard deviation is only 0.5%, even including the outliers.
I’m not sure how else to explain to you that both those results and the consistency of them is impossible in trading.
This isn’t new. If a regulatory complaint is ever filed there’ll be a paragraph detailing how the Petions or someone else manually entered in a random percentage each week to pay out.
That number of course having nothing to do with trading. Been happening since Zeek Rewards.
Can you show me proof that NovaTech is actually trading??…
Take your time…I’ll wait…
This leads to social media marketing; BUH MUH FXBOOK! etc.
The definitive question is “show me an audited financial report to prove external revenue being used to pay withdrawals”.
After 3 years of trading this should be available by now…
Hey y’all, I’m not one to argue with these idiots from novatech or the other party, and first and foremost I’m sorry that they are just spamming and saying things irrationally.
Now, this is my experience. I had a friend of mine show me Novatech, and I was interested, but I’ve been screwed in the past by schemes and crypto and all of the above so I went in very skeptical.
I put $500 in a month ago and have been intrigued since. Now obviously a Ponzi can give you returns if you pull out quick enough and strategically, but I’ve been researching for any sort of way to cope with it being legit.
So far, the red flags are simple,
There’s no actual main office.
There’s no way to contact the “owners” directly other than email.
They don’t show trades. (And even if they did, they could still make it look legit without it being legit).
They aren’t registered for Forex in the US, nor with the SEC to my belief.
Website is clunky and definitely a little sketch sometimes with its “slow downtimes” and the fact they can’t afford a stronger domain just seems ridiculous to me lol.
Regardless, knowing all of these things, I’ve been trying to see WHY, and the only thing I’ve come up with is what they have said in the past.
I had a friend of mine who had another friend who was with the DOJ and only found one blemish with them and that was 15 years ago, so I’m not sure how legit the Petion’s are, but I’m still cautious.
But again, I am very cautious lol. I specifically don’t want to show this to anyone without jokingly saying “it’s probably a Ponzi” and other stuff that.
I think it’s funny. But at the end of the day, I want to make money quickly, and as a Christian I know they wrap faith into novatech, which is funny to me but also gives me hope I guess?
Sorry for the long rant, all I’ve h e a r d was that novatech IS registered as a hedge fund in the US, but same time I know they can only legally trade crypto, not Forex for US residents, which doesn’t make sense considering we get same returns.
Anyways, thanks for reading and I would love some articles and feedback for me to make a final decision. Thank you for this thread, God bless.
This is false. Unregistered securities are unregistered securities, regardless of the medium.
The SEC’s Edgar database is searchable. You can verify NovaTech isn’t registered with the SEC. You allude to having done this.
MLM + securities fraud = Ponzi scheme. That’s where your due-diligence into NovaTech begins and ends.
You didn’t go into NovaTech skeptical, you invested $500 in the hope you’ll be able to steal more than you invested. Own up to it instead of looking “for any sort of way to cope with it being legit”.
In the past couple of weeks novatech have distanced themselves from any mention of being a hedge fund…
If you were a true Christian then even 1 red flag or slightest hint indicating a ponzi scheme you’d run a mile but like so many other Christians you have no problem with stealing from those who joined after you…
Only reason you are here is try to some how justify your stealing from others….
You are a pathetic (fake) Christian…
Novatech is a legal trading advisory company. Neither the SEC or CFTC will (Ozedit: derails removed)
Securities and commodities fraud doesn’t become legal just because you call yourself a “trading advisory company”.
An investment contract is defined under US law as per the Howey Test, which NovaTech’s business model fits.
There are no exemptions in the Securities Exchange Act or the Commodities Exchange Act for “trading advisory companies”, or any other terms scammers come up with.
Fake compliance is a red flag. Why even bother if you don’t do the right compliance? Because you have shit to hide that’s why.
How does a company go from saying “We’re a legal registered hedge fund” for 3 years to suddenly flipping to “oh wait, don’t tell people that”?
And members don’t think that’s strange?
Okosh, I’m not certain how to reply with the green text function but this is directed at you lol.
Hey man, I totally get it. I see where you’re coming from. And yes, I was fooled, and I was foolish. I apologize if that offended you, but you insulting my faith is a bit far.
I came here seeking guidance, and I will continue to use this thread as a reference. My apologies if I ruined you day by putting money into something that I probably shouldn’t have lol.
Novatech official documentation have not stated Hedgefund for over 2 years. Hedgefund is a pretty word and it sounds good so members use it loosely.
The biggest challenge with these debates on behind mlm is that nothing said comes directly from the company.
It doesn’t matter what people say, people say whatever they want whenever they want regardless if it makes sense or not. That’s the American way.
What does Novatech say in their documentation on their business site all that matters.
Literally not how it works,and you should definitely not depend on a company run by known sheisters – operating illegally no less – to be honest in “their documentation”.
Objective review and fact is what you should be looking at. Neither which Novatech will present
MLM companies committing securities fraud because they’re a Ponzi scheme don’t typically admit as much.
The Securities and Exchange Act has been around since 1933. Since then, not once has the SEC ever not gone after a Ponzi scheme because they didn’t admit to being one in their documentation.
A-fucking-men.
It really doesn’t matter what they say on their site. Fraudsters are never going to tell you they are defrauding you!
It’s far better to do some quality third party independent research and add in a bit of good of gold old fashioned common sense.
Novatech is so clearly a scam, it’s sad to see so many greedy people falling for it.
Up until a week or so ago, their official company-ran Telegram stated that they were a legal hedge fund in the channel bio.
FACT IF YOUR TRADING OR PUTTING MONEY INTO ANY ANY COMPANY THEN THAT COMPANY MUST HAVE A SECURITY LICENSE PERIOD… on most cases that person who funding that company needs to be angel investor…
Just because u say this or that on a website don’t make it true…
I don’t agree with some of this website but this is 100% correct.
Every day I see a co-worker signing up other co-workers because of the “downstream revenue” and I’m asking myself what’s taking so long for the authorities to start acting.
Novatech affiliates are now touting that an FBI investigator wrote a 700 page report stating that Novatech is a good company and not a scam.
Of course Cynthia tried to douse the flames of people asking for it by saying she “burned it” because she “already knew” it wasn’t a scam.
Pretty hilarious. People believe anything.
See the 45:53 mark of the presentation recording:
Nolink:youtu.be/Trq_BfEzWs0?t=2753
Lol
That’s just a red flag,what a dumbass she is
I can guarantee an FBI investigator didn’t write a report on NovaTech, at least not one shared publicly.
Oz or Okosh, I need your help! My friend brought this to me for a great financial opportunity. I instantly called bulls%@t.
He believes that there is some sort of international loop hole that NT has found. Brokerage in St Vincents/Grenadines, Trading Co. in Estonia and Novapay, Novatech Advisors, & Smartbit in the U.S.
He believes that there is not any registration or licensing of any kind needed for the 3 U.S. companies & that the other 2 countries’ licensing covers everything needed to be legit.
What can I say to convince him to pull out his money and run? He put in several thousand dollars because of the snake oil salesman affiliate that convinced him this was a god sent financial opportunity.
I can’t stand folks that lead with the lord, that’s usually a GIANT RED FLAG. Sounds familiar. The Reverend CEO LMAO really? SMH
The same affiliate told me after one year she only signed up 28 people and now has 1,100 under her. Scammer! She shamed me today for not taking advantage of this opportunity. She said my friend was only trying to help my financial future. lol
More like help his. SMH
From a regulatory perspective, passive investment schemes need to be registered in the countries they are soliciting investment in. Offshore shell companies are meaningless.
NovaTech is run by US nationals mostly residing in the US, and solicits investment from primarily US residents. That’s well within the SEC’s jurisdiction.
Notwithstanding Ponzi schemes are illegal the world over.
Not speaking to his character but your friend sounds ignorant of financial law (specifically securities law). There’s probably nothing you can say to get through to him.
Religious affinity fraud only makes it harder to get through.
Greed changes people. Hopefully he’s not too close of a friend (although you can always reconnect after NovaTech, assuming they don’t become a career scammer).
Doesn’t matter if you register your business in Estonia, New York or on the moon there are no loopholes to Securities laws…
Novatech ticks all the boxes of the Howey Test which means a licence and registration with the SEC is most definitely required…
A new Cease and desist against novatech in the large state california is making anybody invested there going to attempt to withdrawal immediately, followed by every other state!
doubt if anyone else gets paid again as the con artists are packing there bags!
AFAIK DFPI hasn’t issued a NovaTech FX fraud warning. Where are you getting that from?
Google novatechfx dfpi,open pdf from november 22
Oh nice. I wish these things were easier to find and keep track of.
California Novatech Cease and Desist letter PDF can be seen here:
dfpi.ca.gov/enf-n/nova-tech-ltd/
I know somebody in California that just drew out half of their account just received $110,000 took 10 days to receive it. Moving their account address to another state.
If that was even true lol, anyone lucky to get $110K out when it appears that the ponzi is running out of money, must surely be dumb since they are planning on putting it back in again.
Tell your friend “sorry for their losses” in advance.
Now there’s proof it is legit! LOLOL!!
So the remedy is use a VPN with another state’s IP, and continue on scamming and stealing money. Better yet, setup an offshore account and use a VPN for that country and viola you can claim law enforcement can’t touch you.
Me thinks your friend is full of BS and a crook. You can tell them I said so and they can come here and defend themselves. Not going to hold my breath they will.
Just got my withdrawal after requesting on Saturday evening. Novatech Rocks
Recruitment commissions from the bonus account are easy to pay out. Money in –> money out.
NovaTech FX’s Ponzi returns from “trading accounts”, not so much. What are we up to, two to three week delays presently?
You can shill all you want. You know how this ends.
Actually I have 1.4 mil in my account. That’s ROI profits. My commission are only 3K weekly and I redeposit that weekly. Have a blessed evening . (Ozedit: recruitment spam removed)
What you have in your backoffice account doesn’t exist. You already know this.
Your 1.4 Mil is just numbers on the s c r e e n….
Love how Oz has a response for everything over the past three years of posts.
For the believers, do some quick math (Google compound interest calculator)… suppose novatech has managed to pull in $1,000,000,000 of capital from people around the world.
If they miraculously continue to generate a 3% return weekly with their secret sauce trading bot, and if they were to stop taking in more money from folks, in only 8 years they would amass $219,000,000,000,000. That’s $219 trillion… more than double the entire world’s GDP.
Novatech would be more valuable than everything in the world combined…lol… add only two more years of compounding and they would be around $4.7 quadrillion!!!
So, in only 10 years, they would be valued at 50 times the value of the entire world.
Sound too good to be true? Hmm…
Kudos for trying to save people from losing their hard earned money.
I’ve been running BehindMLM for over a decade. I’ve seen every scam excuse and justification under the sun.
MLM crypto Ponzis are no different to the Ponzis that came before them. New words to describe fraud that’s been around since the 1930s.
Thank you for your honest review.
I was recently introduced to NovatecFX by someone I met networking. While doing my due diligence I became suspect of the ‘opportunity’ and with every objection I raise, I am bombarded with weak responses that can not be substantiated.
I last asked about the Cease and Desist filed in CA and was told “we will just stop offering the opportunity to people in CA”….
I have stopped engaging in conversation with this person because there is just no talking sense in him….he is drunk on the Kool-Aid.
Today I get this forwarded email from him:
What screams loudest to me is the tenacity that they will pursue you with to try to get you to open your wallet.
I am not against legit MLM’s as I am a franchise owner of a legitimate direct marketing company selling a real product to real people…… But this one stinks of an old 1980’s pyramid house party!
The song and dance before every large MLM Ponzi collapse/shutdown never changes.
Game over..move on!!…
Guess the “we just changed payment processors” excuse was getting thin.
Ponzi go boom!
Sharing my real-world experience for anyone considering giving money to this company. I regret doing so, and have to live with the consequences.
I opened an account and gave them some BTC in Sept 2022, which I was reinvesting each week and seeing the increases register in my account.
But when the state of California issued its C&D against Novatech I submitted a withdrawal request for my account balance to protect myself in case the funds were cut off.
I made this withdrawal request in December, and not only have they STILL have not honored it (it is now April 2023), but they did remove my balance from the investment fund in December which meant I didn’t have access to it AND it was no long earning the gains from the portfolio.
So all they did was cut my funds out of their portfolio and keep them locked up and refuse to honor my withdrawal request.
And now, 4 months later, they put out a notice saying I can only withdraw 5% of this balance per month, and they’ve added a 5% fee to each withdrawal which was not part of the original agreement.
And to top it all off, my account is now worth LESS than it was when I started because the value of BTC increased by almost 70% during the time my funds were locked up inaccessible to me, so I would’ve been much better off financially by just holding BTC.
At this point I am counting this money as stolen by them. It was not part of the original agreement for them to lock up my funds for 4 months and then change the language of their payout program so that I can only withdraw 5% per month, and it was not part of the original agreement to add a 5% fee to each withdrawal.
It’s very clear that this company knows they will collapse if they allow users to withdraw funds, so they have changed their payment plan to make it impossible for us to do that.
I’m an idiot for investing anything with this company. Please do not make the same mistake.
That’s the part I don’t get…
You all so keen to “invest” in such obvious ponzi schemes that you send your crypto to scammers with a well doccumented history of scamming when you could have stolen more money from others by just holding your btc……
And I say “stolen” because btc itself is a pump and dump ponzi scheme…
The reality is that btc is worth as much as the next fool will pay you for it but it has zero value and zero real world use…
Actually there are over 15,000 merchants worldwide, of which 36% are small businesses, that accept Bitcoin. There are over 5,000 Bitcoin ATM’s in Europe, Asia, Scandanavia, and over 36,000 in the U.S.
Major banks, PayPal and major financial service firms accept Bitcoin. Major airlines, major telecommunication companies, sport teams, and restaurant chains. So I wouldn’t classify it as it having no real world use or value.
But Okosh you are right, it is only worth what someone is willing to pay for it and someone is willing to sell it for that price. Just like other commodities: gold, silver, platinum, oil, gas, etc, etc..
Cmon Lynn, you know as well as I do the only successful use-case for bitcoin since it started 14 years ago is crime.
No legitimate business wants anything to do with bitcoin or cryptocurrency in general. Behind every “but this company accepts bitcoin!” pitch is a dodgy intermediary converting crypto to fiat, which is all the business ever sees.
Crypto isn’t a commodity. I can download script, push button and generate my own shitcoin in minutes. You cannot do what with actual commodities.
CZ indictment will hopefully drop in the next few months now that the CFTC civil action has been filed.
After that all that’s left are the tether scammers and that’s (fingers crossed) the end of it.
In a few decades cryptocurrency will be bookmarked in history as one of the dumbest Ponzi schemes ever created. Much in the way we look back on Madoff today.
Exactly right…
Was no different with LibertyReserve or E-Gold or whatever bs irreversable method of payment they come up with next…
Drugs, guns, kiddy porn and hyips is the only reason for its existence..
Oz and Okosh, I was not saying that Bitcoin was a commodity. I was illustrating the price goes up and down just like commodity prices do…supply and demand sets the price.
It is a false narrative that Bitcoin is the choice of criminals. Law enforcment statistics worldwide show that less than 3% of all criminal activity in 2020 used Bitcoin or other cryptocurrencies in their crimes. The method of choice by criminals is still fiat currency.
Criminals using Bitcoin to launder money is less than 0.34% of all money laundering worldwide. In fact in 2021 the percentage of criminals using Bitcoin fell below 2%. Every law enforcement agency worldwide I have spoken with over the last 8 years has told me the same thing.
Why is it that every major country is looking into creating their own cryptocurrency if it is the weapon of choixe for criminals to use in their crimes?
Crypto prices go up and down because of wash trading. Read the CFTC’s Binance Complaint. The entire “industry” operates the same.
That doesn’t change bitcoin’s only use-case being crime.
They aren’t.
Geez Lynn when did you fall down the crypto rabbit hole? This is BS the crypto Ponzi bros were coming up with circa 2015.
These are the same law enforcement agencies around the world who say they know nothing about crypto and fob off victims when they try to report…smfh…
And you missed the part about how the government and banks can’t be trusted…
As a crypto nuthugger/shill you can’t be leaving out that part…
Is anyone surprised??…
Was about 2015 or maybe a lil after that I and others noticed the change in him…
I wish Eddy Campbell was still around to see this… he saw through lynne’s bs 20 years ago…
So let me get this straight. Official law enforcment crime statistics show that Bitcoin is not a leading contributor to crime by criminals, I reference it, and I’m the bad guy. incredible.
This also means that the crime statistics released from all the government agencies are fake.
I would be asking law enforcement agencies why Bitcoin is so low on their list of crime statistics being used in crimes, since all it is good for is for criminals to use in their criminal activity.
The US Treasury is looking at launching their digital coin, as well as other countries in the world are doing the same. In fact the US digital coin is in the beta test phase right now.
I did not say that Bitcoin and other cryptocurrencies are not used in criminal activity. Of course they are but the percentage of their use is not at the level fiat currency is used in criminal activity according to official law enforcement statistics. I merely pointed out what the government crime statistics stated.
I have never advocated the use of Bitcoin or other cryptocurrencies, EVER, nor have I ever been a fan.
So Okkosh, what change did I make around 2015, according to you?
Here’s actually where the US Treasury stands (April 2023):
Obvs there’s not going to be compliance, because it’s all criminal activity.
home.treasury.gov/system/files/136/DeFi-Risk-Full-Review.pdf
Outside of the Treasury you have the newly created crypto squads in the DOJ and SEC dismantling the “industry” from the inside after Terra/Luna collapsed. FTX –> clamping down on accomplice banks –> CZ and Binance –> tether pump and dumpers –> the end.
There are smaller exchanges being shut down along the way but that’s the gist of the regulatory “whitepaper” so far.
As Okosh pointed out, most governments stop dead in their tracks when investigating crime that leads to cryptocurrency. It isn’t surprising their reports are skewed.
Outside of the US there’s bugger all being done about crypto fraud.
Offtopic so this is the last I’ll comment on it. I only let it get this far because I was surprised to see Lynn trot out crypto Ponzi bro talking points.
We all know that only a very small % of victims actually report so no wonder official crime numbers are low…
Even the various receiverships we’ve followed show that many victims just write it off and don’t lodge a claim..
I was just getting ready to post about ransomware attacks. The initial ransomware attacks all demanded payment in BTC. In 2022 92% were demanding BTC and the other 8% was either fiat or BTC. The dramatic fluctuation in BTC was the reason for the drop in demanding BTC.
Everyone of the Exchanges you mentioned were operating illegally.
When it comes to Ponzi cyber-crime and organized crime that’s where BTC falls off dramatically. This is the area I was referencing from the crime stats. Of the 20 federal law enforcement agents I have talked with that either ran their cyber-crime task force or were on the task force for their agency said BTC as a very small player in non-ransomware crimes.
When it comes to money laundering, fiat is still king.
As previously stated, whether fiat is still king for money laundering or not is irrelevant to cryptocurrency having no demonstrable use-case outside of crime. This isn’t an “either or” statement of fact.
With respect to MLM related fraud, since the 2017 pump and dump around 98%+ of all non-pyramid only schemes operate in crypto. Most of these schemes come and go uninvestigated.
(98% figure is my estimate based on first-hand research and reporting)
Just about every hacking on government, schools, hospitals, insurance companies and even Optus the 2nd biggest phone company hackers demanded bitcoin as payment…
It’s been suggested here that the federal government legislate to make it illegal to pay ransoms as a deterant to criminals…
Suppose I wrote a computer program that did nothing except allow you to input the contents of your cupboard under the sink and would output the quickest way to kill your wife.
Clearly, not many people would actually use this to kill someone, but 100% of uses of this program would be to commit crime.
But according to Lynn, only 0.000…01% of crimes would be committed using Bleachr so any suggestion that it’s used to commit crime is FUD.
It’s a “wrong end of the telescope” statistical fallacy.
The “15,000 merchants accept Bitcoin” meme is just the same tired old spiel we’ve heard since 2015.
Nobody in the real world wants Bitcoin. A handful of businesses have partnered with some crypto bro outfit that will convert your bitcoin to fiat for a commission before the business accepts your fiat.
That’s not accepting bitcoin. And there are increasingly few of them as its reputation becomes more toxic.
Apart from that it’s just the dark web and hapless El Salvadoreans being forced to accept crypto (although they’d much rather have USD).
(Plus even if 15,000 merchants did accept Bitcoin, that means it’s gained an average of 1,000 – 1,500 merchants per year. Given its saturation coverage worldwide in a population of 7 billion, that’s literally nobody.)
Countries aren’t looking to create their own cryptocurrencies. There are a few crypto bro projects that managed to gain government backing and are now being unwound (like the UK’s Platinum Jubilee NFT which has recently been shitcanned).
But CBDCs are not cryptocurrency, just a way of transmitting existing fiat currencies more efficiently.
Claiming that a central bank looking at digitising its currency is “launching its own cryptocurrency!” is equivalent to claiming that when the US Mint issues a gold commemorative coin, it means the US is re-adopting the gold standard.