NovaTech FX has added the US and Canada to its checklist of “restricted areas and areas”.
Virtually talking the transfer means little but it surely’s the loudest acknowledgement of securities fraud but.
Previous to regulators in Canada and the US issuing stop and desists, co-founder and CEO Cynthia Petion flat out denied NovaTech FX was committing securities fraud.
Petion went as far as to endorse the declare that the FBI “audited and accredited” NovaTech FX’s fraudulent enterprise mannequin final September.
Two months later California’s DFPI issued NovaTech FX with a securities fraud stop and desist. Wisconsin issued NovaTech FX a $50,000 securities fraud wonderful final month.
Varied Canadian provinces points NovaTech FX securities fraud warning, beginning with British Columbia final October.
A nationwide NovaTech FX securities fraud warning was issued throughout Canada in March.
NovaTech FX’s play up till now was to individually block shoppers in particular person states and provinces because the securities fraud warnings had been issued.
In different phrases, NovaTech FX was content material to faux securities legal guidelines had been materially totally different throughout particular person US states and Canadian provinces.
And this misinformation has sadly been parrorted by promoters of the Ponzi scheme.
NovaTech FX has formally dropped this facade on Could eleventh;
That is an oblique admission that, by the use of committing securities fraud, NovaTech FX has been working illegally within the US and Canada since launch.
Even with their new “restricted areas” pseudo-compliance, the regulatory issues for NovaTech FX stay two-fold;
- securities fraud can’t be undone by limiting entry; and
- the US and Canada have persistently been prime sources of visitors to NovaTech FX’s web site for many of 2022 and all of 2023.
The second downside is especially important, because it correlates with the vast majority of NovaTech FX buyers being from the US and Canada.
The Petions are additionally US nationals with ties to New York and Canada. That stated, the Petions present whereabouts are unknown – they haven’t been seen in public since late 2022.
To present you some thought of the scope of NovaTech FX’s fraud, SimilarWeb tracked 2.9 million web site visits in April 2023. That’s up from 2.2 million in March.