Ontario’s Capital Markets Tribunal has handed down a $2.5 million superb to NovaTech FX and Cynthia Petion.
CMT’s superb was ordered on December third and follows the discovering that NovaTech FX and Petion violated Ontario securities regulation again in July.
Particularly, NovaTech FX and Petion have been ordered to pay:
- a $2.5 million administrative penalty;
- $31,000 in disgorgement; and
- $193,333 in authorized prices
The above quantities in Canadian {Dollars} involves round $1.89 million USD.
Cynthia Petion is additional prohibited from appearing as a Director of an Ontario registered firm, or firm registered or looking for registration with the Ontario Securities Fee.
NovaTech FX was an MLM crypto Ponzi that collapsed in February 2023.
NovaTech FX’s regulatory troubles in Ontario started when the Ontario Securities Fee issued a securities fraud warning in December 2022.
Neither NovaTech FX or Petion have made a exhibiting at scheduled CMT hearings.
As NovaTech FX was collapsing Petion, together with husband Eddie, fled the US for Panama.
Since then;
It’s by means of the SEC’s proceedings that we discovered the Petions had fled to Panama.
Martin Zizi, a NovaTech FX promoter who focused Haitian-Individuals, settled with the SEC in August. The result of the SEC’s case towards the remaining NovaTech FX defendants stays pending.