HomeCoinsNY Seeks $1.37 Billion Judgment Against NovaTech Operators

NY Seeks $1.37 Billion Judgment Against NovaTech Operators

New York Attorney General Letitia James is trying to secure 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.

Alleged founders Cynthia and Eddy Petion never appeared in court and, according to the AG’s office, fled the country.

“NovaTech and AWS Mining scammed thousands of vulnerable New Yorkers by telling them they were making a safe investment when in reality, they were victims of a pyramid scheme,” James said in a statement. “These scammers targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings.”

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The schemes, AWS Mining and later NovaTech, relied on promoters who recruited heavily in Haitian and other immigrant communities — through prayer groups, WhatsApp chats, and ads in Haitian Creole.

AWS Mining sold crypto mining contracts promising 15 to 20 percent monthly returns and 200 percent within 15 months. It collapsed in 2019. The Petions then launched NovaTech, marketed as a registered hedge fund broker, promising weekly trading returns of two to four percent — more than 140 percent a year.

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Those returns were fabricated, according to prosecutors. Records from B2Broker, which supplied NovaTech’s white-label trading platform, show that of the more than $1 billion investors deposited between 2019 and 2023, only about $26 million was ever actually traded — and NovaTech’s traders lost $18.2 million of that. Returns to earlier investors came from newer deposits, not trading. When NovaTech collapsed in mid-2023, tens of thousands of investors could not withdraw their funds.

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The AG is also seeking $134.5 million the Petions allegedly withdrew to their own wallets from the investor account Cynthia Petion solely controlled, plus $4.7 million tied to the earlier AWS Mining scheme. A default judgment entered in August 2025 already bars the couple and their companies from the securities, commodities, and cryptocurrency industries.

Separately, four of the scheme’s top promoters have agreed to pay nearly $6 million in disgorgement to victims and accepted the same industry bans.

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