New York AG seeks $1.37B from NovaTech founders over Ponzi scheme

The request follows an August 2025 default judgment, with the AG also announcing nearly $6 million in settlements with four promoters.

New York Attorney General Letitia James has asked a court to order defunct crypto and forex trading platform NovaTech’s founders, Cynthia and Eddy Petion, and related companies to pay $1.37 billion over its Ponzi scheme.

The AG is seeking the return of about $1.13 billion in investor funds, plus $232.5 million in interest, according to a Thursday court filing.

The court found the Petions and the companies liable by default in August 2025 after they failed to respond to the lawsuit.

Read more