novatech

⚠️ $1.4 Million Painful Lesson: Wealthwise Founder Punished for Promoting Crypto Ponzi Scheme
The SEC and regulatory agencies are continuously cleaning up non-compliant advisors in the market. Wealthwise founder Ami Forte (Amy Boissel) was ordered to pay $1.4 million in compensation and fines for guiding clients to invest in fraudulent crypto projects.
Background of the Incident:
🔹 Since 2021, Boissel induced investors to inject funds into NovaTech and HyperFund (HyperVerse) projects.
🔹 She assured investors that their funds were "absolutely safe" and could be withdrawn at any time, while promising continuous asset growth, completely ignoring risk warnings.
🔹 Ultimately, at least 16 clients invested approximately $1.4 million, and these funds have essentially been lost.
Core Violations:
Concealing the Truth: When regulatory agencies had already classified NovaTech as a Ponzi scheme involving over $650 million, Boissel did not disclose any red flag warnings to her consulting clients. Operating Without a License: Wealthwise's investment consulting license expired in February 2022, and all subsequent consulting activities were illegal. False Promises: The so-called "funds available for withdrawal at any time" was a complete lie.
Meanwhile, U.S. prosecutors recently brought new charges against HyperFund promoter Rodney Burton (online name Bitcoin Rodney). The scheme caused investors to lose up to $1.8 billion, and Burton faces up to 20 years in prison for fraud and money laundering.
💡 Insight for the Community:
Always verify the licenses of financial advisors before investing, and remember: any promise of "risk-free high returns" is often the beginning of a scam. Please ensure you protect your assets and stick to independent research (DYOR)!
#诈骗警示 #NovaTech #HyperFund #SEC #加密安全

On August 12, the U.S. Securities and Exchange Commission (SEC) took action against NovaTech Ltd, accusing the company of defrauding investors of more than $650 million through its cryptocurrency-related fundraising schemes. According to the SEC, NovaTech lured investors, particularly the Haitian-American community, into an illegal and fraudulent cryptocurrency investment scheme.#

The commission has charged Cynthia and Eddy Petion, two executives of NovaTech, with illegal acts related to fundraising and shady trading. According to the SEC filing, they not only lured investors with attractive offers but also built a complex network of illegal cryptocurrency investments, causing a large loss of investors' money.

NovaTech is said to have used clear and specific advertising strategies to attract potential investors, and they used their credibility in the Haitian-American community to increase the appeal of this investment program. These actions not only caused financial damage but also seriously affected public confidence in cryptocurrency projects and the legal financial system.
reference source: cryptopanic.com
#novatech #sec #crypto

The SEC has announced a lawsuit alleging that NovaTech, a company run by Eddie and Cynthia Petion, defrauded a large number of investors through a cryptocurrency pyramid scheme. NovaTech is alleged to have collected a total of $650 million from over 200,000 investors through the scheme.

According to the SEC’s statement, NovaTech leveraged investments from new participants to funnel money into Eddie and Cynthia Petion’s pockets for personal enrichment without any clear information or actual investments. Payments from new investors were used for the defendants’ personal purposes, contrary to their original representations and promises regarding the purpose and transparency of the use of the investment funds.

These activities caused many investors to lose large sums of money without any return as promised. The SEC is continuing to investigate this matter extensively to protect the interests of investors and determine appropriate legal action against NovaTech and the individuals involved.

#sec #novatech