New York Attorney General Letitia James Files $1 Billion Lawsuit Against NovaTech and AWS Mining for Alleged Crypto Pyramid Schemes
New York Attorney General Letitia James has filed a lawsuit against crypto trading company NovaTech, now-defunct digital asset firm AWS Mining, and several key promoters for allegedly defrauding investors out of $1 billion. Court documents from the lawsuit, filed on June 6, reveal the details of the scheme.
Between 2017 and 2019, AWS Mining, along with Cynthia and Eddy Petion, as well as other associates, promoted a fraudulent scheme promising investors a 200% return on investment through crypto mining. The lawsuit states that AWS Mining’s promises were unsustainable, leading to the collapse of the company in April 2019, leaving many investors empty-handed.
Following the collapse of AWS Mining, the Petions launched NovaTech in August 2019, attracting over $1 billion in deposits to the crypto trading platform. However, only a fraction of that amount was actually traded.
According to the lawsuit, the Petions targeted investors of Haitian descent, promising financial freedom and targeting those most in need of income. Cynthia Petion even rebranded herself as the “Reverend CEO,” claiming that NovaTech was “God’s vision” while preying on investors’ religious beliefs.
The lawsuit also alleges that the Petions compared their victims to cult members and made off with millions in recruitment payments and profits when NovaTech closed in May 2023, leaving thousands of investors with significant losses.
Despite facing a previous class action lawsuit, criminal charges have not been filed against the Petions, AWS Mining, or NovaTech. The Petions have yet to publicly respond to the allegations.
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