๐ŸŒˆ๐Ÿ’ฅNovaTech, a cryptocurrency company, has been charged by the U.S. SEC with operating a $650 million pyramid scheme ๐Ÿšจ.$BTC $USDC $XRP

Founders Eddie and Cynthia Petion allegedly defrauded over 200,000 investors by promising high returns on digital asset investments, but instead used funds for personal gain ๐Ÿ’ธ. The scheme ran from 2019 to 2023, leaving most investors unlikely to recover their losses ๐Ÿ˜ž.

The SEC seeks:

- Permanent injunctive relief ๐Ÿšซ

- Disgorgement of ill-gotten gains ๐Ÿ’ธ

- Civil penalties ๐Ÿ“

This case highlights the risks of investing in unregistered cryptocurrency schemes and the importance of thorough research before investing ๐Ÿ’ก. The SEC's action aims to hold NovaTech's founders accountable for their alleged fraudulent activities and protect investors from further harm ๐Ÿ›ก๏ธ.

Investors are reminded to be cautious and skeptical of high-return investment opportunities, especially those that seem too good to be true ๐Ÿšจ. Always verify the registration status of investment opportunities and report suspicious activities to the SEC ๐Ÿ“Š.