Key Takeaways
- • New York Attorney General Letitia James is seeking a $1.37 billion judgment against the operators of NovaTech and its predecessor AWS Mining, which allegedly defrauded hundreds of thousands of investors worldwide of more than $1 billion.
- • Prosecutors allege that only about $26 million of the more than $1 billion deposited between 2019 and 2023 was ever traded, and NovaTech's traders lost $18.2 million of that amount.
- • The AG is pursuing $134.5 million allegedly withdrawn by the Petions to their own wallets, plus $4.7 million tied to AWS Mining.
- • A default judgment entered in August 2025 already bars founders Cynthia and Eddy Petion and their companies from the securities, commodities, and cryptocurrency industries.
- • Four top promoters have agreed to pay nearly $6 million in disgorgement to victims and accepted the same industry bans.
Summary
New York Attorney General Letitia James is seeking a $1.37 billion judgment against the operators of NovaTech and its predecessor, AWS Mining, two successive cryptocurrency investment schemes that allegedly defrauded hundreds of thousands of investors worldwide of more than $1 billion, according to Bitcoin Magazine. The alleged founders, Cynthia and Eddy Petion, never appeared in court and, according to the AG's office, fled the country.
AWS Mining sold crypto mining contracts promising 15 to 20 percent monthly returns and 200 percent within 15 months, and collapsed in 2019. The Petions then launched NovaTech, marketed as a registered hedge fund broker, which promised weekly trading returns of two to four percent, more than 140 percent a year. The schemes relied on promoters who recruited heavily in Haitian and other immigrant communities through prayer groups, WhatsApp chats, and ads in Haitian Creole.
Prosecutors allege the returns were fabricated. Records from B2Broker, which supplied NovaTech's white-label trading platform, show that of the more than $1 billion investors deposited between 2019 and 2023, only about $26 million was ever actually traded, and NovaTech's traders lost $18.2 million of that. Returns to earlier investors were allegedly paid from newer deposits rather than trading. When NovaTech collapsed in mid-2023, tens of thousands of investors could not withdraw their funds.
In addition to the $1.37 billion judgment, the AG is seeking $134.5 million the Petions allegedly withdrew to their own wallets from an investor account controlled solely by Cynthia Petion, plus $4.7 million tied to the earlier AWS Mining scheme. A default judgment entered in August 2025 already bars the couple and their companies from the securities, commodities, and cryptocurrency industries. Separately, four of the scheme's top promoters have agreed to pay nearly $6 million in disgorgement to victims and accepted the same industry bans.
AWS Mining sold crypto mining contracts promising 15 to 20 percent monthly returns and 200 percent within 15 months, and collapsed in 2019. The Petions then launched NovaTech, marketed as a registered hedge fund broker, which promised weekly trading returns of two to four percent, more than 140 percent a year. The schemes relied on promoters who recruited heavily in Haitian and other immigrant communities through prayer groups, WhatsApp chats, and ads in Haitian Creole.
Prosecutors allege the returns were fabricated. Records from B2Broker, which supplied NovaTech's white-label trading platform, show that of the more than $1 billion investors deposited between 2019 and 2023, only about $26 million was ever actually traded, and NovaTech's traders lost $18.2 million of that. Returns to earlier investors were allegedly paid from newer deposits rather than trading. When NovaTech collapsed in mid-2023, tens of thousands of investors could not withdraw their funds.
In addition to the $1.37 billion judgment, the AG is seeking $134.5 million the Petions allegedly withdrew to their own wallets from an investor account controlled solely by Cynthia Petion, plus $4.7 million tied to the earlier AWS Mining scheme. A default judgment entered in August 2025 already bars the couple and their companies from the securities, commodities, and cryptocurrency industries. Separately, four of the scheme's top promoters have agreed to pay nearly $6 million in disgorgement to victims and accepted the same industry bans.
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