đ¨ Breaking Crypto News! đ¨
The SEC has charged Novatech and its founders, Cynthia and Eddy Petion, with fraud, claiming they ran a $650 million Ponzi scheme. Allegedly, they promised investors "profit from day one" by investing in digital assets and forex markets. Spoiler alert: most of the funds went to pay earlier investors and promoters. đ
The SEC also named several promoters in the complaint and is seeking severe penalties. The New York Attorney General has joined the party, suing Novatech for defrauding over 11,000 NYC residents.
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