Update
Novatech Founders Ordered to Pay Investors $1.367B
New York State Attorney General's office has ordered Novatech founders Cynthia and Eddy Petion to pay $1.367 billion to investors who were defrauded of their funds. The couple allegedly skipped a court hearing and fled the country. Investors deposited over $1.16 billion into the Novatech firm, which promised weekly 'trading returns' of 2% to 4%. Only about 2% of the deposits reached the trading platform, B2Broker. Prosecutors claim the couple used newer investors' deposits to pay the promised returns, constituting a Ponzi scheme. Four top promoters, including Martin Zizi, Frantz Ciceron, Ricardo Roy Sr, and James Corbett, have settled for nearly $6 million combined.