Question 1

How much did investors put into NovaTech?

Accepted Answer

Investors deposited $1.16 billion worth of cryptocurrency into NovaTech wallets between August 2019 and May 2023, according to the court filing, while only $25.99 million was ever sent to its trading provider.

Question 2

Where are NovaTech's founders now?

Accepted Answer

The SEC's 2024 complaint said Cynthia Petion is believed to live in Panama after the couple left Florida around May 2022, and James' office says both Petions have fled the country.

Question 3

How much has New York actually recovered?

Accepted Answer

Four promoters agreed to pay a combined $5.98 million in disgorgement for victims; the nearly $1.37 billion sought from the Petions follows an August 2025 default judgment and has not been collected.

Novatech

New York wants $1.37 billion from NovaTech founders who fled in 2022

One sharp brief.
Every day.

Novatech

New York wants $1.37 billion from NovaTech founders who fled in 2022

One sharp brief.Every day.

One sharp brief.
Every day.