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NYAG Seeks $1.37 Billion Judgment Against Crypto Fraud Operators
New York Attorney General Letitia James is seeking a $1.37 billion judgment against the operators of NovaTech and its predecessor AWS Mining, two successive cryptocurrency investment schemes that allegedly defrauded hundreds of thousands of investors worldwide out of more than $1 billion. The schemes targeted immigrant and religious communities with promises of safe investments, but were actually pyramid schemes. The AG's office claims the alleged founders, Cynthia and Eddy Petion, fled the country after the schemes collapsed in 2019 and 2023, respectively.