According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has charged NovaTech and its principals and promoters, Cynthia Petion and Eddy Petio, with a $650 million cryptocurrency fraud scheme. According to the charges, the Petions operated NovaTech as a multi-level marketing (MLM) and crypto asset investment project from 2019 to 2023. They claimed that NovaTech would invest investors' funds in crypto assets and the foreign exchange market, and promised investors that the investment was safe and could be profitable from day one. In fact, NovaTech used most of the investor funds to pay existing investors and pay commissions to promoters, and only used a small portion of the investor funds for trading. The Petions have taken millions of dollars of investor assets for themselves, and when NovaTech finally collapsed, most investors were unable to withdraw their investments, resulting in huge losses.