Victim restitution details in Martin Zizi’s NovaTech FX settlement
Details of how the SEC intends to handle victim restitution have been revealed in Jean Martin Zizi’s NovaTech FX settlement.
Zizi, a prominent US promoter of NovaTech FX who targeted Haitian-Americans, has opted to settle fraud charges filed by the SEC.
As per a filed August 12th settlement an injunction will be entered against Zizi prohibiting further acts of fraud. Zizi will also pay a $100,000 civil penalty, with disgorgement to be determined at a later date.
Upon motion of the Commission, the Court shall determine whether it is appropriate to order disgorgement of ill-gotten gains and, if so, the amount of the disgorgement.
Zizi’s civil penalty and disgorgement, when ordered, will be held by the SEC pending “further order of the court”.
This brings us to how the SEC intends to handle NovaTech FX victim restitution;
The Commission may propose a plan to distribute the Fund subject to the Court’s approval.
Such a plan may provide that the Fund shall be distributed pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002.
The Court shall retain jurisdiction over the administration of any distribution of the Fund and the Fund may only be disbursed pursuant to an Order of the Court.
Typically we see a court appointed Receiver handle victim restitution. Here it will the SEC itself following whatever process the court comes up with.
Note if you are a NovaTech FX victim there is presently nowhere for you to report your losses. There is also no timeline for any of this.
NovaTech CTO Ricardo Roy Jr. has given the SEC complete access to NovaTech FX’s backend. This includes accounting and financials.
Through forensic accounting or some other methodology, the SEC should be able to put together and accurate picture of who invested what into NovaTech FX. Who withdrew and how much will also be of importance.
As of August 13th, summons have been issued to the remaining NovaTech FX defendants. Stay tuned for updates as BehindMLM continues to track the case.
I was a victim and never withdrew from Novatech. I signed up my wife and few close friends and it collapsed before any of us could make any withdrawals.
Praying for all who were victims of Novatech.
Aside from Grandma Becky or Uncle Buck, most of their ponzi scheme investors weren’t victims… they knew it was a scam from day one but thought it would last longer
You can be a morally bankrupt shitstain of a human being and still be a victim of a Ponzi scheme financially (which in fact the vast majority of investors always are).