Hacking News
NovaTech Scammers Ordered to Pay $1.37 Billion
New York Attorney General Letitia James has ordered the founders of collapsed crypto trading platform NovaTech, Cynthia and Eddy Petion, to pay about $1.37 billion in damages, disgorgement, and interest. The Petions, who fled the country, are also permanently barred from the securities, commodities, and crypto industries. Four top promoters, Martin Zizi, Frantz Ciceron, Ricardo Roy Sr., and James Corbett, have settled with the state for nearly $6 million, with the money to benefit victims and they are also permanently barred from those industries. NovaTech and related companies were sued for defrauding investors of more than $1 billion, with the Petions and others charged by the SEC over a $650 million fraud targeting immigrant communities, particularly Haitian New Yorkers, through prayer groups, social media, and WhatsApp chats.