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Attorney General sues cryptocurrency companies for allegedly defrauding investors

Attorney General sues cryptocurrency companies for allegedly defrauding investors

Attorney General Letitia James filed a lawsuit in Albany against the cryptocurrency trading company NovaTechFx. The lawsuit claims that the company, its founders, Eddy and Cynthia Petion, and the cryptocurrency mining company AWS Mining Pty Ltd. conspired to defraud hundreds of thousands of investors through a pyramid scheme.

James’ lawsuit claims that over 11,000 New Yorkers were defrauded of over $1 billion in cryptocurrencies. According to James, the business and its founders used social media, WhatsApp group chats, and prayer groups to specifically target immigrant communities, especially Haitians.

According to James, investors deposited over $1 billion worth of cryptocurrencies in NovaTech between 2019 and 2023, but less than $26 million of that amount was ultimately transacted on the company’s cryptocurrency trading platform.

Attorney General James stated that thousands of New Yorkers were deceitfully told they would have better lives if they would only trust AWS Mining and NovaTech with their money, but this was all untrue. With promises of financial freedom, these cryptocurrency companies preyed on immigrant and religious communities, only to steal their money and deplete their life savings. With schemes like this, unregulated cryptocurrency platforms are exposing their true risks, but residents of New York can be sure that we will employ all available resources to take down cryptocurrency scammers.

James is requesting in the case that AWS Mining, NovaTech, and its founders be prohibited from conducting business in the state and that the victims receive compensation.


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