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  • SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme
  • Crypto

SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme

cryptovert August 13, 2024 1 min read

The
company’s
founders,
American
married
couple
Cynthia
and
Eddy
Petion,
who
are
now
believed
to
be
living
in
Panama,
and
promoters
–
including
Martin
Zizi,
James
Corbett,
Corrie
Sampson,
Dapilinu
Dunbar,
John
Garofano
and
Marsha
Hadley,
all
named
defendants
in
the
SEC’s
lawsuit
–
used
“religious
overtones”
when
soliciting
investors.
Cynthia
Petion
dubbed
herself
the
“Reverend
CEO”
in
NovaTech
promotional
materials
and
on
her
social
media
profiles,
and
claimed
that
God
sent
her
a
“vision”
of
starting
the
company
while
she
was
brushing
her
teeth.

NovaTech’s
would-be
investors
believed
that
their
investments
would
be
pooled
and
then
traded
in
the
crypto
and
foreign
exchange
markets.
NovaTech’s
marketing
materials
promised
investors
2-3%
returns
per
week,
according
to
the
SEC,
and
purportedly
never
posted
a
weekly
trading
loss.

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