The Financial and Consumer Affairs Authority of Saskatchewan has sent a securities fraud notice to NovaTech FX.
In its alert from December 13, the FCAA calls NovaTechFX “an opportunity to invest and trade stocks, foreign exchange, and cryptocurrency.”
The FCAA goes on to say that this is an offering of securities;
If a person or company in Saskatchewan wants to buy or sell securities or derivatives, they need to be registered with the FCAA.
In Saskatchewan, none of the above-mentioned entities are registered to buy or sell securities or derivatives.
In its warning about NovaTech FX securities fraud, the FCAA mentions the following:
NovaTech LTD (St. Vincent & Grenadines shell company)
NovaTech Advisors LLC is a company (Florida company)
NovaPay LLC is a company based in Florida (Estonian shell company)
Cynthia Petion (US-based co-founder and CEO of NovaTech FX), Eddy Petion (US-based co-founder of NovaTech FX), and Ricardo Roy Sr (US-based CTO of NovaTechFX)
Cynthia and Eddy Petion have ties to both New York and Florida.
Ricardo Roy Sr. (on the right) lives in Florida.
On LinkedIn, Ricardo Roy Jr. is also called a “Account Manager” for NovaTechFX.
A similar warning about NovaTech FX securities fraud came from Ontario, Alberta, and British Columbia.
Outside of Canada California and Russia have warned people about NovaTech FX fraud.
BehindMLM has heard that NovaTech FX is giving investors refunds instead of registering with financial regulators and operating legally.
NovaTech FX’s supposed trading refunds have taken almost a month. NovaTech still pays commissions for hiring people every week.
It’s not clear if NovaTech FX is giving investor refunds based on the trading schedule or the recruitment schedule.
Investors have also said that NovaTech FX has stopped responding to their support tickets.
Eddy and Cynthia Petion were “leaders” in the AWS Mining Ponzi scheme before they started NovaTech FX.
In April 2019, AWS Mining went out of business. In August 2019, the Petions started NovaTech FX.
BehindMLM looked at NovaTech FX in the month it came out;
No proof is given that N-Tech actually exists, trades, or makes money from outside sources that is used to pay affiliates.
At the moment, the only source of income that can be verified coming into NovaTech is new investment, which is used to pay recruitment commissions.
NovaTech is clearly offering a way to invest without doing anything. This is a securities offering, according to the rules.
I can say for sure that NovaTech is not registered with the SEC in the US. This means that NovaTech is breaking the law in the US, no matter what else is going on.
NovaTech’s business is already a scam, so it’s very likely that the company is just using the money from new investors to pay off old investors.
Due to the fact that NovaTech FX is run by US citizens and most of its investors are from the US, as well as the fact that regulators are paying more attention to it and withdrawals are still taking a long time, BehindMLM thinks a federal US investigation into NovaTech FX is likely under way.