TLDR:
The New York Attorney General requested a court order for a $1.3 billion judgment against NovaTech founders Cynthia and Eddy Petion.
The judicial office secured nearly $6 million in financial settlements with four of the key promoters of the fraudulent network.
The platform raised over $1 billion globally between August 2019 and May 2023, impacting more than 11,000 investors in New York State.
New York Attorney General Letitia James requested a judicial court to impose a $1.3 billion financial judgment against the fugitive founders of NovaTech . With this action, the legal process surrounding the crypto scandal starring NovaTech —which collapsed after operating for four years under a structured pyramid scheme—intensifies.
The petition comes after the court issued a default judgment in August 2025 against Cynthia Petion and her husband Eddy Petion . Both fled the United States following the initial regulatory investigations and failed to appear at scheduled official hearings.
A judicial source indicated that the corporate structure attracted more than 200,000 participants worldwide. The operators promised guaranteed weekly returns through alleged automated trading in the foreign exchange and cryptocurrency markets.
Court filings reveal that the administrators allocated only a minimal fraction of the received capital to actual trading activities. According to data from the fiscal report, the vast majority of incoming funds was used to pay earlier investors and cover referral program commissions.
Alongside the primary motion, the Attorney General’s Office confirmed the recovery of nearly $6 million through signed settlement agreements with four key promoters of the scheme. Martin Zizi agreed to pay $2.9 million, Frantz Ciceron surrendered $2.05 million, James Corbett disbursed $750,000, and Ricardo Roy settled $275,861.
Assistant Attorney General Chris D’Angelo stated in the docket that these intermediaries systematically recruited investors through religious groups and community channels. According to the official report, communities of Haitian origin suffered the largest share of net losses recorded in New York State.
Legal Actions and Asset Recovery Framework
The docket submitted by the Economic Justice Division reveals that the entity operated without proper registration before securities regulatory bodies. The SEC also filed separate civil charges against the couple for alleged misappropriation and unauthorized fundraising.
Background documented by prosecutors links the spouses to AWS Mining , a previous digital mining company shut down in 2019. According to the state investigation, the promoters transferred contact lists from that failed venture to launch NovaTech in August 2019.
The platform continued to accept deposits until May 2023 , when it froze withdrawals citing technical gateway issues. The investigation established that the creators transferred millions of dollars into private digital wallets and bank accounts in offshore jurisdictions.
Legal industry experts warn that the effective enforcement of a $1.3 billion default judgment faces jurisdictional hurdles. Since the defendants remain outside U.S. territorial jurisdiction, asset recovery will depend on international cooperation treaties and tracking offshore bank deposits.
The fiscal report clarifies that the amount sought covers full restitution for unrecovered investor losses along with civil penalties under the Martin Act. The Manhattan court scheduled a procedural review for the coming weeks to assess mechanisms for liquidating accounts seized from the sanctioned promoters.
