New York AG wants $1.3B from NovaTech founders over crypto scam

New York Attorney General Letitia James has secured nearly $6 million in settlements from four promoters of the NovaTech and AWS Mining crypto fraud schemes and asked a court to order an additional $1.3 billion in payments from the companies’ founders. Summary New York has secured nearly $6 million from four NovaTech and AWS Mining promoters who misled investors with promises of high returns. All four promoters have been permanently banned from the securities, commodities, and cryptocurrency industries. Attorney General Letitia James is pursuing another $1.3 billion from NovaTech founders Cynthia and Eddy Petion after a court issued a default judgment against them. NovaTech received more than $1 billion in cryptocurrency from investors, but investigators found that less than $26 million reached its trading platform. More than 11,000 New Yorkers were affected by the schemes, which targeted Haitian and other immigrant communities through religious gatherings and social media. According to an October 22 announcement from the Attorney General’s Office, the settlements involve Martin Zizi, Frantz Ciceron, Ricardo Roy Sr., and James Corbett, who helped promote investment schemes that aff...