On Monday, the U.S. Securities and Exchange Commission filed a lawsuit against NovaTech, a cryptocurrency firm, and its co-founders, Cynthia and Eddy Petion, accusing them of deceiving investors by raising more than US$650 million from over 200,000 people across the globe.

NovaTech and the Petion allegedly made false promises to their investors, including Cynthia Petion’s assurance that their investments would be secure and profitable from the start.

However, the SEC claims that the Petion used the funds primarily to settle debts with earlier investors and to pay out commissions to those who promoted the company while keeping millions for themselves. The investigations revealed that this fraudulent exercise continued for four years up to the time NovaTech collapsed in May 2023.

The SEC also pointed out to the fact that NovaTech tricked victims by tricking their religious beliefs via social media platforms such as Facebook and Telegram, and WhatsApp as well as in Haitian Creole where Cynthia Petion assumed the social and religious role of a ‘Reverend’ and claimed that NovaTech was a divine creation.