As a researcher, I find the allegations against NovaTech Ltd and AWS Mining Pty Ltd deeply concerning. The reported use of unregulated cryptocurrency platforms and the targeting of vulnerable communities based on their religious beliefs is not only unethical but potentially illegal.
As a crypto investor, I’ve come across news that New York Attorney General Letitia James has taken legal action against NovaTech Ltd and AWS Mining Pty Ltd. The allegations claim that these firms misled investors, resulting in an estimated defraud of over $1 billion. This is certainly concerning news for those of us in the crypto community who value transparency and honesty in our investments.
I’ve analyzed a lawsuit that accuses NovaTech Ltd, founded by Cynthia and Eddy Petion, of luring investors with guarantees of weekly profits, amassing over $1 billion in investments between 2019 and 2023. However, it is claimed that less than 1% of these funds were actually utilized for trading activities. The whereabouts of the remaining funds are currently unknown. Additionally, allegations have surfaced that Cynthia Petion, who marketed herself as the “Reverend CEO,” reportedly labeled investors as part of a cult and put down their efforts in private communications.
AWS Mining Pty Ltd stands charged with deceitfully promising triple returns on investment within fifteen months through cryptocurrency mining. However, this enterprise crumbled in 2019 as it was exposed for having misled investors regarding its actual capabilities. Both AWS Mining and the associated NovaTech were identified as pyramid schemes, with the latter additionally categorized as a Ponzi scheme. New investors’ funds were exploited to compensate earlier investors.
Companies faced allegations for exploiting Haitian and other immigrant groups, appealing to their faith, and guaranteeing weekly returns on investments. They reached out to these communities primarily through religious gatherings, social media platforms, and WhatsApp communications in the Creole language.
Twelve individuals named as defendants in the legal complaint reside in Panama among them, the petitioners. The key concerns raised by Attorney General James involve the elevated risks of fraud linked to unregulated cryptocurrency businesses. She emphasized that these cryptocurrency firms have discovered that vulnerable groups such as immigrants and religious communities are easily enticed by dreams and end up emptying their savings.
A disbarred lawyer named David Kagel admitted guilt in a more recent case involving a deceitful cryptocurrency scam that swindled victims out of approximately $9.5 million. In collaboration with his accomplices, Kagel deceived investors by presenting them with fabricated guarantees of lucrative returns from automated cryptocurrency trading systems.
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2024-06-07 02:28