New York Attorney General Letitia James announced that four major promoters of the NovaTech and AWS Mining cryptocurrency pyramid schemes have agreed to pay nearly $6 million in disgorgement funds to compensate victims. The promoters are permanently banned from participating in the securities, commodities, and cryptocurrency industries.
The schemes specifically targeted Haitian and other immigrant communities, using prayer groups, social media, and WhatsApp channels to promote fraudulent high returns. The fraud defrauded hundreds of thousands of investors globally, including more than 11,000 New York residents who suffered losses.
In a separate action, the Attorney General's office has filed a motion seeking $1.3 billion in damages and disgorgement from NovaTech founders Cynthia Petion and Eddy Petion.
NY AG Secures $6M Settlement from NovaTech Promoters, Seeks $1.3B From Founders
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