đŖNovaTech Accused of Running $650M Crypto Pyramid Scheme
The U.S. SEC has charged NovaTechâs 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 investorsâ money. Most investors are unlikely to recover their losses, and the companyâs founders face charges of fraud and operating without registration.
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