- The New York Attorney General wants $1.3 billion from the founders of the NovaTech pyramid scheme. The Petion couple left the United States before the default judgment was passed.
- NovaTech received over a billion dollars in cryptocurrencies. Less than $26 million went into trade.
- The touts sought customers in prayer groups and on WhatsApp, mostly among Haitians.
How did NovaTech work?
NovaTech promised 2 to 4% profit per week from trading cryptocurrencies and currencies. According to the prosecutor’s office, from August 2019 to April 2023, it received over a billion dollars in cryptocurrencies. Less than $26 million of this was traded on the NovaTech platform, or less than 3% of deposits.
Who lost money?
Touts reached victims through prayer groups, WhatsApp chats, advertisements in Creole and religious slogans, mainly in Haitian communities. According to the prosecutor’s office, over 11,000 people were injured. New Yorkers, including the victims of the second pyramid scheme, AWS Mining. The SEC talked about over 200,000. investors around the world.
“NovaTech and AWS Mining defrauded thousands of vulnerable New Yorkers into believing it was a safe investment,” says Letitia James.
NovaTech collapsed in May 2023. Tens of thousands of people were then unable to withdraw their cryptocurrencies.
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Will the victims get their money back?
Four promoters agreed to give back a total of almost $6 million: Martin Zizi $2.9 million, Frantz Ciceron $2.05 million, James Corbett $750,000 and Ricardo Roy Sr. $275,861. They were also permanently banned from operating on the securities, commodity and cryptocurrency markets. The prosecutor’s office did not specify when and how the money would be distributed to the victims.
The default judgment against the Petions was passed in August 2025. Now the court will determine how much they should pay. Even the award of USD 1.3 billion does not mean that the money will be recovered, since the founders are outside the USA. The prosecutor’s office did not disclose their whereabouts.
How to recognize such a pyramid?
A promise of 2 to 4% per week equates to 104 to 208% per year, even without adding profits to profits. When trading cryptocurrencies and currencies, no one can guarantee such a result every week, regardless of the market situation.
NovaTech also played on trust. A recommendation from a friend in the parish or from a WhatsApp group looked as if someone had already checked the company. Meanwhile, the recommender often believed in the promises and did not know where the payments came from.
