New York Attorney General seeks $1.37 billion from NovaTech founders

New York Attorney General Letitia James has filed a request with a state court to order NovaTech founders Cynthia and Eddy Petion to pay $1.37 billion in disgorgement, damages, and interest. The request follows an August 2025 default judgment finding the couple liable for a cryptocurrency pyramid scheme that collected approximately $1.16 billion from investors between 2019 and 2023.

Investigators found that of the total funds deposited, only about $26 million ever reached a trading platform, and much of that was subsequently lost. The state alleges the Petions used the schemes, including an earlier venture called AWS Mining, to target immigrant and religious communities—specifically the Haitian diaspora—using religious messaging and promises of high weekly returns via WhatsApp and prayer groups.

While the founders have reportedly fled the country, four top promoters—Martin Zizi, Frantz Ciceron, James Corbett, and Ricardo Roy Sr.—have agreed to a combined settlement of approximately $5.98 million. These individuals have also accepted permanent bans from the securities, commodities, and cryptocurrency industries. The settlements are intended to benefit the more than 11,000 New Yorkers and hundreds of thousands of global investors affected by the schemes.