NovaTech Review

About NovaTech

Nova Tech Ltd (“NovaTech”) operated via novatechfx.com and promoted crypto‑asset and foreign‑exchange investment services. Canadian regulators stated that NovaTech is not registered with any securities regulator in Canada and may be breaching securities and derivatives laws; the Ontario Securities Commission issued a temporary cease‑trade order on February 17, 2023, and the Capital Markets Tribunal extended it on March 2, 2023. OSC CSA/ASC

In subsequent proceedings, the Capital Markets Tribunal found that Nova Tech Ltd engaged in unregistered trading, an illegal distribution of securities, and breached the temporary cease‑trade order; the Tribunal’s reasons note that Nova Tech Ltd was incorporated under the laws of Saint Vincent and the Grenadines and that investor withdrawals were frozen beginning February 5, 2023. On December 3, 2024, the Tribunal imposed permanent trading and acquisition bans against Nova Tech Ltd and Cynthia Petion under the Ontario Securities Act. Capital Markets Tribunal – Reasons Capital Markets Tribunal – Order

U.S. authorities also took action: the Securities and Exchange Commission announced charges against NovaTech Ltd and its principals on August 12, 2024, alleging a $650 million fraud affecting more than 200,000 investors and describing a multi‑level marketing scheme tied to crypto‑asset and forex trading claims. Separately, on June 6, 2024, the New York Attorney General sued NovaTech and related parties, alleging more than $1 billion was raised and that less than $26 million was actually traded on NovaTech’s platform. SEC NY Attorney General