A NovaTech FX Ponzi promoter has obtained a securities fraud stop and desist from Ohio.
Steven Douglas Alexander, of Cincinnati, is cited as a Respondent within the Ohio Division of Securities March twenty second order.
NovaTech FX was an MLM crypto Ponzi scheme launched by Cynthia and Eddy Petion in 2019.
NovaTech FX collapsed in February 2023. The Petions have since gone into hiding.
ODS seems to have begun investigating Alexander in direction of the tip of 2023. ODS discovered Alexander to have promoted NovaTech FX from at the least April 2022 by way of January 2023.
[Alexander] precipitated to be bought, instantly or not directly, securities in Novatech to Ohioans, and so recruited buyers corresponding to MM, TS, and WR, from in or about April 2022 via January 2023, and because of this, he obtained referral bonuses.
4 victims of Alexanders are cited as having invested $4950 into NovaTech FX.
Neither NovaTechFX or Alexander are registered to supply securities in Ohio.
On January twenty fifth ODS knowledgeable Alexander of a pending stop and desist, giving him a possibility to pre-emptively reply.
Alexander failed to reply to the ODS’ discover.
ODS’ investigation concluded that NovaTech FX’s funding scheme “are securities” underneath Ohio state securities legislation.
As a promoter of NovaTech FX, Steven Alexander was in flip deemed to be a promoter of unregistered securities.
[Alexander] violated R.C.1717.44(A)(2) by, with the cheap expectation of remuneration, performing as a securities funding adviser with out correct licensure from the Division.
[Alexander] violated R.C. 1707.44(C)(1), by promoting or inflicting to be bought, a safety to which was not registered on the market in or from Ohio.
In gentle of those findings, ODS ordered Alexander to stop and desist committing additional securities fraud violations on March twenty second.
Previous to selling MLM crypto Ponzis Alexander ran a roofing and building enterprise.
Alexander’s transition to crypto fraud noticed him reinvent himself as “the crypto cowboy”.
Alexander held and spoke at “Cincy Group” advertising occasions held in Ohio.
How a lot Alexander stole by way of NovaTech FX stays unclear.
Exterior of Ohio, NovaTech FX fraud warnings have been issued by Massachusetts, Russia, California, Canada, Wisconsin and Washington.
The SEC additionally not too long ago confirmed a federal fraud investigation into NovaTech FX and the Petions is underway.