Key leaders of a cryptocurrency pyramid scheme that targeted Haitian New Yorkers have agreed to pay back nearly $6 million, New York Attorney General Letitia James announced, and the AG continues to seek court-ordered payments by the scheme's founders.
More than 11,000 New Yorkers, including Rockland and Westchester residents, were targeted by the scheme, according to the AG's office.
The crypto trading companies, NovaTechFX and AWS Mining, targeted immigrant communities with fraudulent promises of high returns on investment, up to 200% return within 15 months, and even more for recruiting new investors, according to the State AG's office.
The scheme particularly focused on Haitian New Yorkers, through prayer groups and WhatsApp chats.
The eventual
collapse of the company caused millions of dollars in losses to investors, the state AG said.
Thousands of vulnerable New Yorkers scammed: AG
James sued NovaTech and AWS Mining Pty Ltd. in 2024. The 12 defendants included NovaTech co-founders Cynthia and Eddy Petion, a married couple that Reuters had reported were allegedly living in Panama.
As a result of the lawsuit, four of the scheme’s top promoters — Martin Zizi, Frantz Ciceron, Ricardo Roy Sr. and James Corbett — will pay millions in disgorgement for the benefit of victims, James said. They have also been permanently banned from participating in the securities, commodities and cryptocurrency industries.
James on Oct. 22 also asked the New York State Supreme Court to order the Petions, considered NovaTech’s founders, to pay $1.3 billion in damages and disgorgement, following a default judgment issued in August 2025 after the couple fled the country.
The Petions have also been banned from the securities, commodities and cryptocurrency industries.
“NovaTech and AWS Mining scammed thousands of vulnerable New Yorkers by telling them they were making a safe investment when in reality, they were victims of a pyramid scheme,” James said in a statement. “These scammers targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings. My office remains committed to cracking down on unregistered cryptocurrency dealers, and we will always stand up for New Yorkers who have been targeted by these merciless scams.”
How the scheme unfolded
The Petions falsely marketed NovaTech as a registered hedge fund broker, according to the state AG's office.
NovaTech advertised high profits from trading of approximately 2% to 4% per week, promoted recruitment bonuses and promised that investors could withdraw their funds and profits at any time.
From August 2019 through April 2023, investors deposited more than $1 billion worth of cryptocurrency with NovaTech. However, the AG's Office, reported, less than $26 million was ever traded on NovaTech’s trading platform.
When NovaTech collapsed in May 2023, tens of thousands of investors were unable to withdraw their cryptocurrency.
This article originally appeared on Rockland/Westchester Journal News: $6 million recouped in crypto scheme targeting Haitian New Yorkers
