New York Attorney General Letitia James has filed a lawsuit against NovaTech, AWS Mining, and several key promoters for allegedly running cryptocurrency pyramid schemes that defrauded investors of $1 billion, according to court documents from the June 6 lawsuit.
The lawsuit reveals that between 2017 and 2019, AWS Mining, along with Cynthia and Eddy Petion, and other associates, promoted a fraudulent scheme promising a 200% return on investment from mining cryptocurrencies. The lawsuit states that AWS Mining’s promises were false and unsustainable, leading to the collapse of the company in April 2019.
Following the collapse, the Petions launched NovaTech and attracted over $1 billion in deposits onto the crypto trading platform, but only traded less than $26 million of it. The lawsuit alleges that the Petions targeted investors of Haitian descent, promising them financial freedom and preying on their religious faith.
Cynthia Petion rebranded herself as the “Reverend CEO” of NovaTech, claiming it was “God’s vision” while exploiting investors’ religious beliefs. Privately, Petion compared her victims to cult members, showing a disregard for their well-being.
By 2022, the Petions had fled to Panama, leaving behind millions of dollars in recruitment payments and profits. NovaTech closed in May 2023, leaving investors with significant losses. Despite facing a $2 billion class action lawsuit earlier this year, criminal charges have not been filed against the Petions, AWS Mining, or NovaTech.
The Petions have not publicly responded to the allegations, and the case continues to unfold.
