British Columbia Securities Commission has issued a fraud warning against NovaTech FX.
According to the BCSC’s 11 October notice;
NovaTech Ltd. claims to be situated in Florida and provides trading services through a team of skilled traders.
We are aware that NovaTech Ltd. received donations from the people of British Columbia (BC).
NovaTech Ltd. is not registered in British Columbia to trade or advise on securities or derivatives.
Eddie and Cynthia Petition, who operate NovaTech from the United States, are not authorized to market securities in any country.
Cynthia Petition, rather than registering with financial regulators, encourages a claim that the FBI authorized NovaTech FX’s illegal business strategy.
NovaTech solicits investments with the ostensible promise of a weekly return obtained from FX trading.
The United States is the greatest source of visitors to NovaTech FX’s website, according to SimilarWeb. NovaTech FX is not registered with the SEC and CFTC, despite being situated in the United States alongside Petitions.
Canada is presently the fourth greatest source of website traffic for NovaTech FX (4%, up 40% month over month).
British Columbia is the first western authority to issue a fraud alert for NovaTech FX securities. In August, Russia issued a NovaTech FX scam alert.
NovaTech FX’s website had more than 2 million visitors in September 2022. Uncertain is when U.S. authorities will intervene in the Ponzi fraud.