New York AG seeks $1.37B from NovaTech founders over Ponzi scheme
Summary
New York Attorney General Letitia James is asking a court to order NovaTech founders Cynthia and Eddy Petion and associated companies to pay $1.37 billion, including $1.13 billion in investor funds and $232.5 million in interest. The defendants were found liable by default in August 2025. State filings say investors deposited about $1.16 billion into NovaTech wallets from 2019 to 2023, but only around $26 million went to its trading provider. More than 11,000 New Yorkers reportedly lost tens of millions through NovaTech and the earlier AWS Mining scheme. The motion also seeks $6.15 million over AWS Mining; four recruiters have separately agreed to nearly $6 million in settlements.
