NovaTech FX Gets Cease & Desist from California’s DFPI!
NovaTech FX Gets Cease & Desist from California’s Department Of Financial Protection & Innovation which is also know as DFPI.
After getting fraud warnings from Russia and British Columbia, Canada, it looks like this is the first one by a US regulator.
According to the Desist and Refrain Order:
The Packages offered by NovaTech, Cynthia Petion, and Eddy Petion were securities that were neither qualified nor exempt from the qualification requirement under the CSL.
The Department has not issued a permit or other form of qualification authorizing NovaTech, Cynthia Petion, or Eddy Petion to sell these securities in California.
In connection with the offer or sale of these securities, NovaTech, Cynthia Petion, and Eddy Petion made, or caused to be made, untrue statements of material fact and material omissions to investors and potential investors, including but not limited to the following:
a. falsely representing that NovaTech is a registered hedge fund in the United States;
b. falsely representing that NovaTech is a registered investment adviser;
c. falsely representing that NovaTech is a registered broker;
d. failing to disclose that the offer or sale of NovaTech’s securities was not qualified in California;
e. failing to provide any qualifications to substantiate claims that investors’ funds are managed and traded by experienced traders;
f. failing to disclose that in March 2011, Cynthia Petion and Eddy Petion filed for Chapter 7 bankruptcy in the United States Bankruptcy Court for the Eastern District of New York;
g. failing to disclose that in August 2019, a debt buyer sued Cynthia Petion in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, Civil Division, for breach of contract and unjust enrichment, alleging that Cynthia Petion had failed and/or refused to repay a loan;
h. failing to disclose that in July 2018, a mortgage lender sued Eddy Petion and Cynthia Petion in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, Civil Division, in an action to foreclose a defaulted mortgage on residential real property held by Eddy Petion and Cynthia Petion;
i. failing to disclose that in April 2018, a credit card issuer sued Cynthia Petion in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, Civil Division, for account stated and unjust enrichment.
A judgment was entered against Cynthia Petion in the amount of $11,776.55; and
j. failing to disclose that in October 2017, a credit card issuer sued Eddy Petion in the County Court in and for Palm Beach County, Florida, for account stated. A judgment was entered against Eddy Petion in the amount of $4,740.56.
In my original NovaTech FX Review, I did conclude that the company isn’t registered to offer securities and now the DFPI also says that the NovaTech FX companies which include:
- NovaTech LTD (St. Vincent & Grenadines shell company);
- NovaTech Advisors LLC (Florida company);
- NovaPay LLC (Florida company);
- NovaTrading OU (Estonian shell company);
- Cynthia Petion (US-based NovaTech FX co-founder and CEO); and
- Eddy Petion (US-based NovaTech FX co-founder)
Are not registered to offer any securities in California.
This is definitely not a good sign for NovaTech FX because now they are on the radar…
There might be a few more cease and desists in the USA before the SEC kicks in but once they do the hammer is dropping.
Crazy how Cynthia Petion claimed that NovaTech FX was endorsed by the FBI after their audit.
Not only that, then she apparently burned the audit…
Will keep you all posted if there is any further action…
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