New York Attorney General Letitia James is pursuing a $1.37 billion judgment targeting the administrators of NovaTech and its precursor, AWS Mining. These two sequential cryptocurrency investment ventures allegedly swindled hundreds of thousands of participants globally out of upwards of $1 billion.
The suspected founders, Cynthia and Eddy Petion, failed to show up in court and have reportedly left the United States, as stated by the AG’s office.
“NovaTech and AWS Mining scammed thousands of vulnerable New Yorkers by telling them they were making a safe investment when in reality, they were victims of a pyramid scheme,” James said in a statement. “These scammers targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings.”
Operating through a network of promoters, the fraudulent projects—AWS Mining followed by NovaTech—focused their recruitment efforts extensively within Haitian and additional immigrant populations via WhatsApp messaging, prayer circles, and advertisements written in Haitian Creole.
AWS Mining offered cryptocurrency mining agreements that guaranteed monthly yields of 15 to 20 percent alongside a 200 percent gain over a 15-month span before failing in 2019. Following that collapse, the Petions introduced NovaTech, advertising it as a licensed hedge fund broker that purportedly generated weekly trading returns between two and four percent, translating to more than 140 percent annually.
Prosecutors assert that these yields were entirely manufactured. Documentation from B2Broker, the provider of NovaTech’s white-label trading platform, reveals that out of over $1 billion contributed by investors from 2019 through 2023, roughly $26 million was invested in actual trades, with NovaTech traders suffering an $18.2 million loss on those funds. Payouts distributed to initial investors originated from incoming capital rather than trading profits. When NovaTech failed in the middle of 2023, countless participants were left unable to access their balances.
Additionally, the Attorney General is requesting $134.5 million that the Petions allegedly transferred from investor funds into personal wallets controlled exclusively by Cynthia Petion, alongside $4.7 million linked to the previous AWS Mining operation. A default judgment issued in August 2025 previously prohibited the founders and their corporate entities from participating in the cryptocurrency, commodities, and securities markets.
In a related development, four prominent promoters associated with the operation have consented to surrender nearly $6 million in restitution to those affected, alongside accepting identical bans from the industry.
Frequently Asked Questions
What is the total judgment amount New York is seeking?
New York is seeking a $1.37 billion judgment against the operators of the NovaTech and AWS Mining schemes.
Who founded NovaTech and AWS Mining?
The alleged founders are Cynthia and Eddy Petion, who never appeared in court and reportedly fled the country.
How much money did investors deposit into NovaTech?
Investors deposited more than $1 billion between 2019 and 2023.
What happened to the money investors deposited?
Only about $26 million was actually traded, resulting in an $18.2 million loss, while returns to earlier investors were paid out using newer deposits.
