NovaTech FX Founders Cynthia and Eddy Petion May Be Hiding in Dubai, SEC Says

The co-founders of collapsed Ponzi scheme NovaTech FX, Cynthia and Eddy Petion, might be sipping lattes in Dubai instead of sweating it out in Panama. At least, that’s what the U.S. Securities and Exchange Commission (SEC) now suspects, according to a September 29th court filing.

For months, regulators have been trying to pin down the elusive couple. Panama was the first guess — but now Dubai, the favorite retirement home for MLM scam lords, has entered the picture.

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Now back to NovaTech news…

The SEC’s Latest Move

The SEC dropped the update in a declaration exhibit attached to a motion seeking permission for alternative service — basically, trying to serve the Petions via email, WhatsApp, or smoke signals, since traditional service has gone nowhere.

According to the filing, investigators believe the Petions may be:

• Still in Panama, based on property, bank accounts, and even a bar they once operated there.

• Or in Dubai, where rumors of crypto mining ventures have tied them to the city.

Either way, the SEC hasn’t been able to slap them with legal papers the old-fashioned way.

Panama Ties Run Deep

The filing makes clear that Panama isn’t totally off the table. Evidence shows the Petions:

• Owned real estate in Panama.

• Ran a bar at an undisclosed location.

• Registered at least two companies.

• Opened Panamanian bank accounts.

• Leased office space in Panama from June 2022 to June 2023.

• Even hosted family and co-defendants in Panama for Cynthia’s birthday in April 2023.

Cynthia Petion went all-in: she became a permanent legal resident, got a Panamanian driver’s license, and used a WhatsApp number with Panama’s country code (507) to contact her brother, Ricardo Roy, NovaTech’s Chief Technology Officer, as recently as June 2025.

The Dubai Angle

But here’s where things get spicy.

The SEC’s investigation also uncovered links to crypto mining operations in Dubai. That’s raised eyebrows because Dubai has long been a go-to safe haven for MLM scammers, Ponzi operators, and shady crypto execs who don’t want pesky regulators poking around.

So, if the Petions did make the jump, they wouldn’t be the first scam couple to find “business opportunities” in Dubai’s friendly ecosystem.

Court Says: Not So Fast

The SEC asked to serve the Petions through Cynthia’s WhatsApp, email addresses gathered by the New York Attorney General’s Office, and even a public webpage.

On September 30th, however, the court denied the motion. While acknowledging that the SEC had exhausted options in Panama, the judge wasn’t convinced they’d tried hard enough in Dubai.

“Plaintiff does not explain whether it has attempted to serve the Foreign Defendants in Dubai, nor why it believes effectuating service in the United Arab Emirates would be unavailing,” the order noted.

Translation: nice try, but go knock on Dubai’s door too.

The court has now directed the SEC to refile its motion with more details on its Dubai efforts.

Final Verdict

For now, Cynthia and Eddy Petion remain international phantoms. They could be in Panama, they could be in Dubai, or they could be somewhere else entirely, still spinning new crypto fairy tales to investors.

But here’s the takeaway: when the SEC, Panamanian officials, and the courts can’t find you, chances are you’re not running the next Apple. You’re hiding from accountability.

And if Dubai really is the new home base? Well, let’s just say the Petions will be in good company — Dubai’s skyline may be built on skyscrapers, but its shadows are full of MLM ghosts.

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