NYAG secures $6M settlement over NovaTech and seeks $1.3B judgment
CIE News ·
Based on an official regulatory or court document.
New York Attorney General Letitia James secured nearly $6 million from four NovaTech promoters and requested a court to order founders Cynthia and Eddy Petion to pay $1.3 billion.
New York Attorney General Letitia James announced settlement agreements totaling nearly $6 million from four promoters of NovaTech FX and AWS Mining Pty Ltd, according to ny.gov. The promoters—Martin Zizi, Frantz Ciceron, Ricardo Roy Sr., and James Corbett—agreed to pay restitution for marketing the pyramid scheme, which targeted more than 11,000 New York victims with promises of 15% to 20% monthly returns. Separately, the Attorney General asked the court on October 22 to order founders Cynthia and Eddy Petion to pay $1.3 billion in civil restitution and damages following a default judgment issued after the pair fled the country.
Key facts
- Nearly $6M promoter settlement
- Seeking $1.3B judgment
- Over 11,000 New York victims
- Promised 15% to 20% monthly
Read the original at ag.ny.gov