New York Attorney General Letitia James is seeking roughly $1.3 billion in damages and disgorgement from NovaTech founders Cynthia Petion and Eddy Petion—not announcing money recovered for investors. The October 22, 2026, announcement also detailed nearly $6 million in separate settlements with four promoters of NovaTech and AWS Mining.
Key takeaways
- The founders’ financial liability remains before the court.
- Four promoters face permanent financial-industry bans.
- Investigators traced only a small portion of NovaTech deposits to its trading platform.
Cynthia Petion and NovaTech face a separate financial proceeding
A court entered a default judgment on August 4, 2025, against the Petions and related companies after the couple left the United States and failed to respond to the lawsuit. It permanently restricted their cryptocurrency and securities business activities but left the financial award for a separate proceeding.
The October 22 filing calculates $1.134 billion in NovaTech disgorgement plus approximately $232.5 million in prejudgment interest, bringing that request to $1.367 billion. Prosecutors separately requested approximately $6.15 million, including interest, for AWS Mining.
James filed the lawsuit on June 6, 2024. The state pursued claims under New York securities laws, including the Martin Act, alleging illegal pyramid and Ponzi schemes.
Permanent industry bans accompany four promoter settlements
Separate from the allegations against Cynthia Petion and her co-founder at NovaTech, promoter settlements totaling nearly $6 million were reached. According to the attorney general’s office, the breakdown included $2.9 million tied to Martin Zizi, $2.05 million tied to Frantz Ciceron, $750,000 tied to James Corbett, and $275,861 tied to Ricardo Roy Sr.
Each of the four individuals has been permanently barred from working in the securities, commodities and cryptocurrency industries. Prosecutors alleged that they deceived investors, acted as unlicensed brokers, and pushed others to recruit new participants in exchange for commissions.
According to the office, victims are set to benefit from these payments. While Zizi’s consent agreement was actually filed in November 2025, the October announcement simply compiled the various figures rather than indicating that all settlements were finalized simultaneously.
From mining promises to NovaTech trading packages
AWS Mining promised high returns and recruitment commissions before collapsing in 2019. The Petions subsequently established NovaTech, marketing cryptocurrency and foreign exchange trading packages with purported weekly profits of 2% to 4%.
Investigators traced approximately $1.16 billion in investor cryptocurrency through NovaTech’s CoinPayments account between August 2019 and May 2023. B2Broker records showed that $25.99 million reached the trading platform, where approximately $18.19 million was lost.
Prosecutors allege that advertised returns were fabricated and that existing investors received money deposited by newer participants. Worldwide, more than 200,000 investors fell victim to the schemes, among them over 11,000 residents of New York, as recruiters specifically targeted Haitian and other immigrant populations via religious events and social platforms.
Investor recovery remains a separate step
The requested award is not confirmed investor recovery, and the settlement announcement does not establish that payments have reached victims. A displayed NovaTech account balance likewise does not prove that assets existed, trades occurred or withdrawals were available.
NovaTech collapsed in May 2023, leaving thousands locked out of their funds. Going forward, affected investors are awaiting the court’s ruling on financial compensation, which will determine how any recovery process unfolds.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.