New York State Attorney General recovers nearly in the NovaTech and AWS Mining case and seeks 6000000 USD 1300000000 USD
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AT A GLANCE
The New York State Attorney General says it has recovered nearly from promoters of the scheme and seeks 6000000 USD from NovaTech's founders. 1300000000 USD。
Article
[New York Attorney General recovers nearly 6000000 USD in disgorgement and seeks 1300000000 USD】
October 23, New York State Attorney General Letitia James announced that nearly has been recovered from AWS key promoters involved in the crypto pyramid scheme associated with NovaTechFx and 4 Mining. The recovered funds will be used to compensate victims. 6000000 USD 4 individuals were also permanently barred from participating in the securities, commodities, and cryptocurrency industries.
The Office of the New York State Attorney General stated that the scheme had specifically targeted immigrant communities, including Haitian communities, through prayer groups, social media, and WhatsApp groups. More than 11000 people in New York State were affected and lost tens of millions USD。2019 August to 2023 April, investors deposited crypto assets worth more than 1000000000 USD with NovaTech, but less than was actually traded through its trading platform.
In addition, the New York State Attorney General has applied to the court to require NovaTech founders Cynthia and Eddy Petion to pay 26000000 USD in restitution and disgorgement. The two were previously subject to default judgments in 1300000000 USD 2025 August and barred from participating in the securities, commodities, and cryptocurrency industries.
Key points
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October 23, New York State Attorney General Letitia James announced that nearly has been recovered from 4 key promoters. 6000000 USD。
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The original text states that 4 promoters were involved in the crypto pyramid scheme associated with NovaTechFx and AWS Mining, and that the recovered funds will be used to compensate victims.
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4 promoters were permanently barred from participating in the securities, commodities, and cryptocurrency industries.
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The Office of the New York State Attorney General stated that more than 11000 people in New York State were affected and lost tens of millions.USD。
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2019 August to 2023 April, investors deposited crypto assets worth more than with NovaTech, but the amount actually traded through its platform was less than 1000000000 USD. 26000000 USD。
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The New York State Attorney General has applied to the court to require NovaTech founders Cynthia Petion and Eddy Petion to pay 1300000000 USD in restitution and disgorgement.
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The original text states that Cynthia Petion and Eddy Petion were subject to default judgments in 2025 August and barred from participating in the securities, commodities, and cryptocurrency industries.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This report states that law enforcement has recovered some funds from 4 key promoters and barred them from further participation in the relevant financial industries; the 1300000000 USD amount sought from the court against the NovaTech founders is currently an application and does not mean it has already been awarded or paid.
Why it matters to readers
If the recovered funds can be distributed as planned, some victims may receive compensation. The industry bans and further claims also indicate that the individuals involved continue to face legal and asset-recovery pressure.
Do not interpret an “application to the court for recovery” as meaning the funds have already been recovered. Before participating in crypto projects, be alert to arrangements relying on community promotion, promising investment returns, or lacking transparency regarding the use of funds.
Risks and unknowns
The evidence comes from a Telegram repost and is not accompanied by an Office of the New York State Attorney General announcement or court documents; the relevant statements have not yet been verified against primary materials.
1300000000 USD Restitution and disgorgement remain at the application stage; whether the court will approve them, when they will be enforced, and the amount that can actually be recovered are unknown.
Nearly 6000000 USD's specific distribution method, claim requirements, and the amount of compensation victims may actually receive are unknown.
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The original text does not specify the names of the 4 key promoters.
Related concepts
Pyramid scheme
A scam in which participants primarily profit by recruiting newcomers, with fees flowing upward through multiple levels and the scheme ultimately becoming unsustainable.
