NovaTechFX Ponzi Scheme

SOURCE www.marketwatch.com
Cynthia Petion and her husband ran a Ponzi scheme through NovaTechFX, targeting poor immigrants in the American Haitian community, promising high returns on cryptocurrency investments. The scheme collapsed in 2022, leading to lawsuits and investigations from multiple states and countries.

Key Points

  • Cynthia Petion claimed a 'vision from God' inspired her to start NovaTechFX
  • The scheme targeted tens of thousands of investors, mostly poor immigrants
  • Investigators say only about $26 million of the nearly $1 billion was actually invested

Pros

  • Targeted poor immigrants looking for financial opportunities

Cons

  • Scammed investors out of nearly $1 billion
  • Operated a Ponzi scheme promising unrealistic returns