New York Attorney General Sues NovaTech for $1 Billion Cryptocurrency Fraud
New York Attorney General Letitia James has sued cryptocurrency company NovaTech and its founders, Cynthia and Eddy Petion, alleging a $1 billion fraud. The lawsuit alleges that more than 11,000 residents lost tens of millions of dollars by investing in NovaTech, which was accused of being a Ponzi scheme and misrepresenting its licensing and registration status. The company went out of business in May 2023.AWS Mining, which the Petion's acted to create, was also accused of being a Ponzi scheme.James seeks to recover the ill-gotten gains and to enjoin them from conducting business. Currently, the NovaTech website is still up and running, claiming that company funds were lost in the data breach and are being recovered.
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