The U.S. SEC filed a lawsuit against an alleged crypto pyramid scheme, NovaTech, and eight of its promoters on Monday, charging them with fraud and multiple violations of federal securities laws. NovaTech allegedly scammed investors out of around $650 million over a four-year period.
According to the SEC's complaint, NovaTech and its promoters preyed on certain affinity groups - largely, Haitian Creole-speaking churchgoers in the U.S. and abroad - via WhatsApp groups and promotional events, convincing over 200,000 investors around the world to fork over a collective $650 million between June 2019 and May 2023.
The company's founders, American married couple Cynthia and Eddy Petion, who are now believed to be living in Panama, and promoters - including Martin Zizi, James Corbett, Corrie Sampson, Dapilinu Dunbar, John Garofano, and Marsha Hadley, all named defendants in the SEC's lawsuit - used 'religious overtones' when soliciting investors.
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