🔴 SEC Charges NovaTech with Operating $650 Million Pyramid Scheme🔴

The US Securities and Exchange Commission (SEC) has charged NovaTech, a cryptocurrency company, with running a massive pyramid scheme that defrauded over 200,000 investors out of $650 million.

Alleged Fraud

Founders Eddie and Cynthia Petion allegedly promised investors high returns on digital asset investments but instead used the funds for personal gain. The scheme operated from 2019 to 2023, leaving most investors unlikely to recover their losses.

SEC's Action

The SEC seeks:

- Permanent injunctive relief

- Disgorgement of ill-gotten gains

- Civil penalties

Investor Warning

This case highlights the risks of investing in unregistered cryptocurrency schemes. The SEC reminds investors to:

- Be cautious of high-return investment opportunities

- Verify registration status of investment opportunities

- Report suspicious activities to the SEC

The SEC's action aims to hold NovaTech's founders accountable for their alleged fraudulent activities and protect investors from further harm.

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