For some, making your fortune off of cryptocurrency sounds like a dream come true. But for victims of a massive global crypto fraud scheme…
That dream has turned into a nightmare.
The U.S. Securities and Exchange Commission filed a lawsuit against Novatech for an illegal crypto investment venture…
Here’s what you need to know…
Global Crypto Fraud Costs Investors Millions
On August 12, the SEC sued the married cofounders of Novatech for defrauding 200,000 investors out of millions in a massive global crypto scheme.
These victims were mostly Haitian Americans and the firm lured many of them into becoming investors…
Through social media and messaging apps like Telegram and WhatsApp.
Using the Creole language and religious terms, Novatech became trusted by the victims…
Novatech assured the investors that their money would be safe and they would profit from day one. In reality…
The co-founders, Cynthia and Eddie Petion used the global crypto funds to pay back earlier investors…
AND THEY POCKETED THE REST FOR THEMSELVES.
The global scheme affected thousands of crypto investors and lasted for four years, until the 2023 collapse of Novatech. Unfortunately, this is not the only time crypto was used to defraud global investors…
With crimes happening in as little as 12 seconds.
ULTIMATELY, NOVATECH DEFRAUDED VICTIMS OUT OF $650 MILLION
The lawsuit is seeking restitution for the victims and civil penalties.
Conclusion
Regardless, schemes like this serve as a reminder always to be smart about where your money is coming from…
And where it’s going.
Be Great,
GCTV Staff
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