NovaTech reserved a fraction of investor funds for trading, devoting bulk to payments to existing investors and commissions to promoters, alleged the SEC.
MLM schemes require promoters to fuel them; the SEC will hold accountable both architects and promoters spreading fraud, states Eric Werner.
SEC names NovaTech promoters as defendants too, seeking relief, disgorgement, and penalties; Zizi partially settles. Seth Goertz describes scheme as a textbook ponzi.
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