SEC charges Novatech, company founders, promoters with Fraud
30X Profit Expected from AIG Token: AI Games has launched its native token (AIG). 1 AIG Token Price Is $0.01 & Exchange Listing Price $0.30, Donât miss this opportunity; join the pre-sale at the official website (PlayAiGames.Online)
The Securities and Exchange Commission (SEC) formally charged Novatech, founders Cynthia and Eddy Petion, and promoters advertising the platform for fraud on Aug. 12, 2024.
According to the SECâs complaint, Novatech raised more than $650 million from over 200,000 investors worldwide in an apparent Ponzi Scheme.
More specifically, the SEC alleged that the Novatech founders raised hundreds of millions of dollars from investors by claiming to invest those funds into digital assets and foreign exchange markets on behalf of their clients and promised investors âprofit from day one.â However, only a small portion of the pooled funds were allocated for market trading.
The majority of the funds were used to compensate earlier investors and pay promoters, according to the SEC.
#SEC #NovaTech #CryptoMarketMoves #WBTCUnderScrutiny #Bitcoin $BTC $ETH $BNB
