NY Attorney General Seeks $1.37 Billion from NovaTech Crypto Ponzi Operators

NovaTech crypto Ponzi — New York Attorney General Letitia James is seeking a $1.37 billion judgment against the founders of crypto investment schemes NovaTech and AWS Mining, which allegedly defrauded hundreds of thousands of investors worldwide out of more than $1 billion.

Alleged founders Cynthia and Eddy Petion, who prosecutors say have fled the country, ran successive schemes from 2017 to 2023. AWS Mining sold crypto mining contracts with promises of high monthly returns before collapsing. The pair then launched NovaTech, marketed as a registered hedge fund broker offering weekly trading returns.

The Attorney General’s office states the returns were fabricated. Records indicate that of over $1 billion deposited, only about $26 million was traded, with $18.2 million of that lost. Payments to investors came from new deposits in a classic Ponzi structure. The schemes heavily targeted immigrant and religious communities, including through Haitian Creole ads.

The judgment seeks to recover funds, including $134.5 million the Petions allegedly withdrew to personal wallets. A default judgment from August 2025 already bars them from the crypto and securities industries. Separately, four top promoters have agreed to pay nearly $6 million in restitution and accept similar bans.