Key facts
- The AG seeks $1.37 billion, including $1.13 billion in investor funds and $232.5 million in interest.
- NovaTech founders Cynthia and Eddy Petion and related companies were found liable by default in August 2025.
- Four promoters agreed to pay nearly $6 million in settlements for victims.
- Over 11,000 New Yorkers lost money through NovaTech and AWS Mining.
- Investors deposited about $1.16 billion into NovaTech's crypto wallets between August 2019 and May 2023.
New York Attorney General Letitia James is seeking $1.37 billion from the founders of the defunct crypto and forex trading platform NovaTech, Cynthia and Eddy Petion, and associated companies, alleging a Ponzi scheme. The filing, made in a Thursday court document, requests the return of approximately $1.13 billion in investor funds plus $232.5 million in interest. The Petions and their companies were found liable by default in August 2025 after failing to respond to the lawsuit. Separately, four individuals who recruited investors into NovaTech have agreed to pay nearly $6 million in settlements to benefit victims. The AG's office stated that over 11,000 New Yorkers lost tens of millions of dollars through NovaTech and its predecessor, AWS Mining, which collapsed in 2019. Promoters allegedly targeted immigrant communities, including Haitian communities, through social media and prayer groups, promising high returns.