Key Takeaways
- • New York Attorney General Letitia James secured nearly $6 million in disgorgement from four top promoters of the NovaTech and AWS Mining cryptocurrency pyramid scheme, which defrauded more than 11,000 New Yorkers.
- • Frantz Ciceron will pay $2.05 million, Martin Zizi $2.9 million, James Corbett $750,000, and Ricardo Roy, Sr. $275,861, and all four are permanently banned from the securities, commodities, and cryptocurrency industries.
- • The OAG is seeking a court order requiring NovaTech founders Cynthia and Eddy Petion to pay $1.3 billion in damages and disgorgement, following a default judgment issued in August 2025.
- • Investors deposited over $1 billion in cryptocurrency with NovaTech between August 2019 and April 2023, yet less than $26 million was ever traded on its platform.
- • The settlement underscores the OAG's stated commitment to pursuing unregistered cryptocurrency dealers.
Summary
New York Attorney General Letitia James has secured nearly $6 million from the leaders of a cryptocurrency pyramid scheme that targeted Haitian and other immigrant communities, according to the Office of the Attorney General (OAG). The scheme, run through NovaTech Fx (NovaTech) and AWS Mining Pty Ltd. (AWS Mining), defrauded hundreds of thousands of investors worldwide, including more than 11,000 New Yorkers across the state, including New York City, Westchester, Long Island, and Rockland and Orange counties.
The OAG sued NovaTech and AWS Mining in June 2024. Under the settlement, four top promoters, Martin Zizi, Frantz Ciceron, Ricardo Roy, Sr., and James Corbett, will pay disgorgement for the benefit of victims and are permanently barred from the securities, commodities, and cryptocurrency industries. The payment amounts are $2.9 million for Zizi, $2.05 million for Ciceron, $750,000 for Corbett, and $275,861 for Roy.
The OAG alleges that AWS Mining and its promoters, including NovaTech founders Cynthia and Eddy Petion, promised investors 15 to 20 percent monthly returns and 200 percent returns within 15 months, along with recruitment bonuses. AWS Mining eventually collapsed in 2019. The Petions then launched NovaTech, which allegedly marketed itself as a registered hedge fund broker, falsely claimed licensing to trade cryptocurrency in the U.S., and advertised trading profits of roughly two to four percent per week. Investors were told they could withdraw funds at any time. From August 2019 through April 2023, investors deposited over $1 billion in cryptocurrency, but less than $26 million was traded. When NovaTech collapsed in May 2023, tens of thousands of investors could not withdraw their holdings.
The OAG has also filed an inquest asking the court to order the Petions to pay $1.3 billion in damages and disgorgement. A default judgment issued in August 2025 already banned the couple from the securities, commodities, and cryptocurrency industries after they fled the country. Attorney General James said the scammers "targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings," and added that her office "remains committed to cracking down on unregistered cryptocurrency dealers."
The OAG sued NovaTech and AWS Mining in June 2024. Under the settlement, four top promoters, Martin Zizi, Frantz Ciceron, Ricardo Roy, Sr., and James Corbett, will pay disgorgement for the benefit of victims and are permanently barred from the securities, commodities, and cryptocurrency industries. The payment amounts are $2.9 million for Zizi, $2.05 million for Ciceron, $750,000 for Corbett, and $275,861 for Roy.
The OAG alleges that AWS Mining and its promoters, including NovaTech founders Cynthia and Eddy Petion, promised investors 15 to 20 percent monthly returns and 200 percent returns within 15 months, along with recruitment bonuses. AWS Mining eventually collapsed in 2019. The Petions then launched NovaTech, which allegedly marketed itself as a registered hedge fund broker, falsely claimed licensing to trade cryptocurrency in the U.S., and advertised trading profits of roughly two to four percent per week. Investors were told they could withdraw funds at any time. From August 2019 through April 2023, investors deposited over $1 billion in cryptocurrency, but less than $26 million was traded. When NovaTech collapsed in May 2023, tens of thousands of investors could not withdraw their holdings.
The OAG has also filed an inquest asking the court to order the Petions to pay $1.3 billion in damages and disgorgement. A default judgment issued in August 2025 already banned the couple from the securities, commodities, and cryptocurrency industries after they fled the country. Attorney General James said the scammers "targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings," and added that her office "remains committed to cracking down on unregistered cryptocurrency dealers."
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