New York Attorney General Letitia James is seeking a $1.37 billion judgment against the operators of NovaTech and its predecessor AWS Mining, two fraudulent investment schemes that allegedly defrauded hundreds of thousands of investors of more than $1 billion. Founders Cynthia and Eddy Petion never appeared in court and allegedly fled the country after recruiting promoters within Haitian and other immigrant communities. AWS Mining promised monthly returns of 15% to 20%, while NovaTech, marketed as a registered hedge fund broker, promised annual returns exceeding 140%. According to prosecutors, NovaTech’s returns were fabricated: only about $26 million of the more than $1 billion deposited between 2019 and 2023 was traded, resulting in $18.2 million in losses. New York is also seeking $134.5 million withdrawn by the Petions and $4.7 million tied to AWS Mining, while four top promoters have agreed to return nearly $6 million to victims.
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