🗣NovaTech Accused of Running $650M Crypto Pyramid Scheme
The U.S. SEC has charged NovaTech’s leaders, Eddie and Cynthia Petion, with operating a cryptocurrency pyramid scheme, defrauding over 200,000 investors of more than $650 million.
From 2019 to 2023, NovaTech allegedly lured investors with promises of high returns through digital asset investments. Instead, funds were used for personal gain, with payouts made using new investors’ money. Most investors are unlikely to recover their losses, and the company’s founders face charges of fraud and operating without registration.
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