NewsThe Haitian TimesOctober 24, 2026Miami-Dade County
New York Seeks $1.3 Billion from NovaTech Founders for Alleged Crypto Fraud
Photo: The Haitian Times
New York Attorney General Letitia James asked a court to order NovaTech founders Cynthia and Eddy Petion to pay $1.3 billion in damages and disgorgement following a default judgment. The couple operated a cryptocurrency scheme that allegedly collected over $1 billion from immigrant communities between August 2019 and April 2023 before collapsing.
Read the full story at The Haitian TimesWhy It Matters
The legal action seeks a $1.3 billion financial recovery for investors who lost funds when the cryptocurrency platform collapsed, alongside nearly $6 million secured from key promoters.
Key Facts
- New York Attorney General Letitia James requested a court to order $1.3 billion in damages and disgorgement from NovaTech founders Cynthia and Eddy Petion.
- The request follows an August 2025 default judgment against the founders, who have fled the country.
- NovaTech collected more than $1 billion in cryptocurrency from investors between August 2019 and April 2023.
- State investigators stated that less than $26 million of the collected funds was actually traded on the NovaTech platform.
- The company collapsed in May 2023, leaving tens of thousands of investors unable to withdraw their funds.
- The Attorney General announced nearly $6 million in settlements with four leading promoters of NovaTech and AWS Mining.
Who's Mentioned
OrganizationAWS Mining“Company associated with NovaTech promoters”PersonEddy Petion“Co-founder of NovaTech accused of fraud”OrganizationNovaTech“Collapsed cryptocurrency investment company”PersonCynthia Petion“Co-founder of NovaTech accused of fraud”PersonLetitia James“New York Attorney General requesting court-ordered damages”