Canada has issued NovaTech FX its second securities fraud notice.
The Alberta Securities Commission put NovaTech FX on its Investment Caution List on October 14th.
According to the ASC’s website, the firms on the list
are not registered with the ASC and appear to be involved in activities that, under Alberta securities regulations, need registration or may be investment scams
In other countries, this is analogous to a securities fraud warning. Because NovaTech FX is a Ponzi scheme, it is almost clear that it is a fraud.
Following a similar warning from British Columbia the day before, the ASC is the second Canadian authority to take action against NovaTech.
Away from Canada California and the Central Bank of Russia have both issued securities fraud warnings against Novatech FX.
The increased regulatory scrutiny on NovaTech FX corresponds with the recent sale of a home in Florida by founders Eddy and Cynthia Petion.
Following on from California, it is thought that a federal US regulatory lawsuit against NovaTech FX is currently underway.
NovaTech FX, which advertises a weekly passive return, is based in the United States and has a predominantly American investor base.
Cynthia Petion posted on Instagram two weeks ago that she was in Milan, Italy. It is unknown whether the Petions are still in the United States.
Note: While a link to ASC’s Investment Caution List is provided in this article, NovaTech FX may not show on the list if you’re reading this months/years after it was published.