AG targets immigrant communities’ Ponzi losses
New York Attorney General Letitia James has taken decisive legal action against Cynthia and Eddy Petion, the founders of NovaTech, seeking a court order for $1.
The Attorney General’s office alleges that NovaTech and its predecessor AWS Mining specifically targeted Haitian and other immigrant communities. Promoters are accused of leveraging prayer groups, social media channels, and WhatsApp to lure individuals with promises of high-yield returns and lucrative recruitment bonuses. These tactics led to tens of millions in losses among New York’s most vulnerable residents.
A court found the Petions and their companies liable by default in August 2025 after they failed to respond to the lawsuit—a key turning point that paved the way for this unprecedented restitution demand.
Only $26M traded from $1B+ raised
Between August 2019 and May 2023, investors deposited approximately $1.16 billion into NovaTech’s cryptocurrency wallets. Yet according to cointelegraph.com, records show that only about $26 million was actually sent to the trading platform B2Broker for trading activities. This means less than 3% of investor funds were ever put toward their stated purpose.
The headline number is staggering—over a billion dollars raised—but the reality is that almost none of it was used as promised.
Of the $26 million that did reach B2Broker, $18.2 million was lost through trading activity, leaving little evidence that NovaTech operated as a legitimate hedge fund or broker as it claimed. The rest of the deposits remain unaccounted for, underscoring the depth of investor deception at play.
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Founders vanished as billions disappeared
Cynthia and Eddy Petion have not appeared in court since proceedings began; authorities say they fled the United States after NovaTech’s collapse in mid-2023. Their disappearance has left tens of thousands of investors worldwide unable to recover their funds or get answers regarding their investments.
The schemes’ global reach extended beyond New York: NovaTech and AWS Mining are alleged to have defrauded hundreds of thousands internationally out of more than $1 billion combined. Despite being marketed as a registered hedge fund broker offering weekly returns between two and four percent, NovaTech collapsed under scrutiny—leaving investors with empty accounts and broken promises.
This international scope complicates recovery efforts for victims both inside and outside the United States.
Promoters settle, victims await relief
While the Petions remain at large, four top promoters—Frantz Ciceron, James Corbett, Ricardo Roy Sr. And Martin Zizi—have agreed to pay nearly $6 million in settlements intended for victim compensation. Ciceron’s agreement alone includes an additional $1.35 million in monetary relief and rights transfer related to another crypto receivership case.
Despite these settlements, more than 11,000 New Yorkers continue to wait for restitution from both NovaTech and AWS Mining collapses. The state’s request for over $1.36 billion reflects not just principal losses but also years’ worth of missed opportunities and mounting interest for those affected.
It remains uncertain when or if full recovery will be possible for most victims given that the founders have disappeared abroad.
Areas to watch closely
If the court grants New York Attorney General Letitia James’s October 22 request for a $1.37 billion judgment against Cynthia and Eddy Petion and related companies, following the August 4, 2025 default order, immediate enforcement actions could be initiated to recover funds for more than 11,000 New York victims; however, the timeline for actual restitution remains unclear given that the Petions have fled the country and amounts are still to be finalized through written submissions.