NY AG seeks $1.37B from NovaTech founders over Ponzi scheme

New York Attorney General Letitia James has asked a court to order NovaTech founders Cynthia and Eddy Petion and related companies to pay $1.37 billion, comprising about $1.13 billion in investor funds and $232.5 million in interest, related to a Ponzi scheme. Over 11,000 New Yorkers lost tens of millions of dollars through NovaTech and an earlier crypto mining scheme, AWS Mining, with investors depositing about $1.16 billion into NovaTech’s crypto wallets between August 2019 and May 2023.