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The multistate law firm Morris Legal has filed a groundbreaking $2 billion securities fraud class action lawsuit against NovaTech, Ltd., its CEO Cynthia Petion, and various co-conspirators in the Federal Court of the Southern District of New York. The case, assigned to Judge Vernon S. Broderick, a former federal prosecutor, seeks to hold the defendants accountable for their role in orchestrating a massive international Ponzi scheme that defrauded millions of investors worldwide.
According to the complaint, since June 2019, Cynthia Petion, the self-titled “Reverend CEO,” and her associates have engaged in a pattern of racketeering, offering fraudulent passive investment opportunities targeting individuals with limited knowledge of cryptocurrency and financial markets. The defendants lured investors with false promises of guaranteed weekly returns of 3% from cryptocurrency investments. However, Morris Legal’s investigation revealed that the defendants never intended to invest the funds as promised, instead using new investor contributions to pay existing investors, a classic hallmark of a Ponzi scheme.
Despite facing cease and desist orders and fines from various countries and states between 2022 and 2024, the defendants continued their fraudulent scheme until its collapse in February 2023, with Cynthia Petion and her husband subsequently going into hiding in May.
Morris Legal, representing the named plaintiff on behalf of all NovaTech investors, seeks to hold the defendants accountable for their actions and secure redress for the victims of this international fraud. As the case progresses, the firm remains committed to fighting for the rights of defrauded investors and ensuring that justice is served.
If you or someone you know has been affected by the NovaTech securities fraud, please contact Morris Legal to learn more about your rights and potential legal remedies.