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New York Attorney General Letitia James said she has asked a court to order NovaTechFx founders Cynthia Petion and Eddy Petion to pay $1.3 billion in damages and disgorgement in connection with a cryptocurrency pyramid fraud case. The couple recruited investors by promising high returns to Haitian immigrants and religious communities.
Investors entrusted more than $1 billion in cryptocurrency to NovaTech between August 2019 and April 2023, but less than $26 million was actually traded on NovaTech’s platform, James said.
Separately, prosecutors said they reached an agreement with four top promoters to recover about $6 million for victim relief and bar them from future securities, commodities, and cryptocurrency activities.