New York attorney general seeks about $1.37 billion from NovaTech founders

New York's attorney general is asking a court to order the founders of NovaTech, a collapsed crypto trading scheme, to pay about $1.37 billion, after four of its promoters agreed to pay nearly $6 million and leave the industry for good [1][2].

The office of Attorney General Letitia James said on Oct. 22 that the promoters, Martin Zizi, Frantz Ciceron, Ricardo Roy Sr. and James Corbett, settled claims including making false and misleading statements, acting as unregistered brokers and running an illegal pyramid scheme. A pyramid scheme pays earlier investors with money from newer recruits. The promoters will pay disgorgement, meaning they give up the money they made, for the benefit of victims: Zizi $2.9 million, Ciceron $2.05 million, Corbett $750,000 and Roy $275,861. All four are permanently barred from the securities, commodities and crypto industries [1].

The larger ask targets founders Cynthia and Eddy Petion, who the office says "fled the country." The court entered a default order and judgment against them and their companies on Aug. 4, 2025, after they did not answer the lawsuit, according to the office's Oct. 22 court filing [2]. The office is now asking the judge to set the amount. For NovaTech, it seeks $1,134,549,691 plus $232,473,894 in interest from the Petions, a total of $1,367,023,585; the office's release rounds this to "$1.3 billion" [1][2].

The office says investors deposited more than $1 billion in crypto with NovaTech from August 2019 through April 2023, but less than $26 million was ever traded. More than 11,000 New Yorkers invested in NovaTech or its predecessor scheme, AWS Mining, many of them in Haitian communities reached through prayer groups and WhatsApp chats [1]. The filing puts total deposits at $1,160,544,294 [2].

Winning a judgment is not the same as collecting it. Neither the release nor the filing says how much of the money can be traced or recovered from founders who are outside the country. The next step is the court's ruling on the amount.

Sources

1. Office of the New York State Attorney General, "Attorney General James Secures Nearly $6 Million From Crypto Scammers Who Targeted Haitian Communities," Oct. 22, 2026, https://ag.ny.gov/press-release/2026/attorney-general-james-secures-nearly-6-million-crypto-scammers-who-targeted, accessed Oct. 23, 2026, 6:23 a.m. ET.
2. Affirmation of Tanya Trakht in Support of Plaintiff's Motion for Monetary Relief, People of the State of New York v. Nova Tech Ltd et al., Index No. 451633/2024, Supreme Court of the State of New York, New York County, NYSCEF Doc. No. 134, filed Oct. 22, 2026, https://ag.ny.gov/sites/default/files/settlements-agreements/new-york-v-nova-tech-ltd-et-al-affirmation-2026.pdf, accessed Oct. 23, 2026, 6:23 a.m. ET.

Holding the Corner.

Not financial advice.