NovaTech FX has acquired a securities fraud discover from Saskatchewan’s Monetary and Client Affairs Authority.
Of their December thirteenth alert, the FCAA identifies NovaTechFX as “a possibility to take a position and commerce shares, foreign exchange, and cryptocurrency”.
This constitutes a securities providing, with the FCAA occurring to substantiate;
In Saskatchewan, people or firms have to be registered with the FCAA to commerce or promote securities or derivatives.
Not one of the above named entities are registered to commerce or promote securities or derivatives in Saskatchewan.
Entities cited within the FCAA’s NovaTech FX securities fraud warning are:
- NovaTech LTD (St. Vincent & Grenadines shell firm)
- NovaTech Advisors LLC (Florida firm)
- NovaPay LLC (Florida firm)
- NovaTrading OU (Estonian shell firm)
- Cynthia Petion (US-based NovaTech FX co-founder and CEO)
- Eddy Petion (US-based NovaTech FX co-founder)
- Ricardo Roy Sr. (US-based CTO of NovaTechFX)
Cynthia and Eddy Petion have ties to New York and Florida.
Ricardo Roy Sr. (proper) relies out of Florida.
On LinkedIn a Ricardo Roy Jr can be listed as a NovaTechFX “Account Supervisor”.
The FCAA’s NovaTech FX securities fraud warning follows comparable warnings from Ontario, Alberta and British Columbia.
Exterior of Canada NovaTech FX fraud warnings have been issued by California and Russia.
As a substitute of registering with monetary regulators and working legally, BehindMLM understands that NovaTech FX is providing traders refunds.
NovaTech FX refunds on purported buying and selling have blown out to virtually a month. NovaTech nonetheless pays recruitment commissions weekly.
Whether or not NovaTech FX is paying investor refunds on the buying and selling or recruitment schedule is unclear.
NovaTech FX has additionally reportedly stopped responding to assist tickets from traders.
Previous to founding NovaTech FX, Eddy and Cynthia Petion had been “leaders” within the AWS Mining Ponzi scheme.
AWS Mining collapsed in April 2019. The Petions launched NovaTech FX in August 2019.
BehindMLM reviewed NovaTech FX the identical month it launched;
No proof of N-Tech present, performing trades or exterior income being really generated and used to pay associates is offered.
Because it stands the one verifiable income getting into NovaTech is new funding – which the corporate makes use of to pay recruitment commissions.
NovaTech is kind of clearly providing a passive funding alternative, which within the context of regulation is a securities providing.
I can verify NovaTech the MLM alternative just isn’t registered with the SEC within the US. Which means regardless of all the pieces else, NovaTech is working illegally within the US.
Given the in any other case fraudulent nature of NovaTech’s enterprise, it’s extremely seemingly the corporate is just recycling newly invested funds to repay present traders.
Owing to elevated regulatory consideration, ongoing withdrawal delays, NovaTech FX being run by US nationals and having a majority US investor-base, BehindMLM suspects a federal US investigation into NovaTech FX is probably going underway.
