New York Seeks $1.37 Billion From NovaTech Founders

New York Attorney General Letitia James has asked the court to order the founders of the NovaTech platform to pay $1.37 billion. This total includes $1.13 billion in restitution for investors plus $232.5 million in accrued interest.

The request follows a court ruling from August 2025. Cynthia and Eddy Petion were found liable by default after failing to respond to the lawsuit filed by the state. The company operated as a pyramid scheme disguised as a cryptocurrency and forex trading platform.

Investigations show that NovaTech received approximately $1.16 billion in digital wallets between 2019 and 2023. Only $26 million was actually used for trading operations. The rest of the capital was diverted from the purpose promised to users.

The scheme targeted immigrant communities through social media and prayer groups. Promises of high returns and recruitment bonuses attracted thousands of victims. In addition to NovaTech, the lawsuit involves losses related to a previous project called AWS Mining.

Four promoters who assisted in raising funds reached settlements totaling nearly $6 million with the Attorney General's office. This amount will be used to benefit those who were harmed. The final distribution of funds recovered from the founders still depends on further legal proceedings.