New York Attorney General Letitia James filed a motion seeking $1.3 billion in damages and disgorgement from NovaTech founders Cynthia and Eddie Petion. The request follows an August 2025 default order holding the defendants liable for Martin Act violations and illegal chain distribution schemes; the $1.3 billion has not been awarded.
James sued NovaTechFX and AWS Mining in June 2024, accusing them of using prayer groups and other channels to lure immigrant communities, particularly Haitian New Yorkers, with false promises of high returns. More than $1 billion in cryptocurrency was deposited with NovaTech between 2019 and 2023, but less than $26 million was traded before the platform collapsed in May 2023, leaving tens of thousands of investors without access to their assets. Four promoters have agreed to pay nearly $6 million in settlements and face permanent bans from securities, commodities and crypto businesses.
