The NovaTech FX Ponzi scheme has collapsed.
In a communication sent out to investors on February 5th, “NovaTech Admin” advised withdrawals have been disabled.
I’ll spare you the excuses NovaTech FX preambled their collapse confirmation with. If you want to the read the full thing I’ll include it at the end of this article.
Rather than just admit NovaTech FX is a Ponzi scheme in which withdrawals inevitably exceeded new investment, NovaTech FX’s exit-scam buys them 60 days.
We have decided to place a temporary freeze in trading account withdrawals for a period of 60 days. This includes existing cashout requests from Trading.
This will allow us to immediately start the process of getting back to a regularly scheduled bonus account withdrawals.
For those unfamiliar with NovaTech FX, “trading account” refers to ROI payments. “Bonus account” refers to commissions earned by recruiting new victims into the scam.
When a Ponzi scheme initiates a time-delayed exit-scam, there are typically two goals in mind:
- create as much distance between the admin of the Ponzi scheme and their victims and
- hold off the inevitable flood of complaints to financial regulators for as long as possible.
To that end NovaTech FX is dangling a “numbers on a screen” carrot to get people to cancel pending withdrawal requests (some of which are backdated to early December 2022).
If you have a trading account withdrawal in process, you have a choice to leave it in the queue, and wait until April 1st 2023 when we will resume trading account withdrawals, or you can cancel your withdrawals and allow your account to continue to earn, while withdrawing profits weekly.
This will of course only exponentially grow NovaTech FX’s withdrawal deficit, as whatever new money was flowing in is sure to drop to almost nothing now that withdrawals are disabled.
This isn’t specific to NovaTech FX, it happens when every Ponzi scheme initiates an exit-scam.
NovaTech FX’s collapse follows co-founder and CEO Cynthia Petion appearing on a corporate webinar last week. In the webinar Petion reassured NovaTech investors everything was fine.
At the time Petion blamed NovaTech FX’s withdrawal issues on payment processor problems. This ruse started last October but seems to have worth thin as the months dragged on.
NovaTech FX’s collapse also follows multiple regulatory warnings across the US and Canada (Ontario, Alberta, British Columbia and Saskatchewan).
Throughout 2022 the majority of NovaTech FX’s website traffic originated from the US. Cynthia and Eddy Petion are also US nationals.
As of January 18th, Cynthia Petion represented she and husband Eddy were in Rhoda Island:
Whether the Petions are still in the US now that NovaTech FX has collapsed is unclear.
While we can’t confirm anything at this stage, BehindMLM strongly believes a federal regulatory investigation into NovaTech FX is underway.
Victims of NovaTech FX are advised to contact the SEC.
Footnote: Here is the full communication NovaTech FX sent out to investors on February 5th;
Dear Novatech Member,
Since June of 2019 our focus at NovaTech has been to stimulate financial awareness, to a culture unaware of the amazing possibilities in the crypto and forex industry.
By the grace of God we have been tremendously successful at fulfilling our mission. We created NovaTech’s structure with complete freedom in mind.
We have given our customers absolute control of their journey with us for the last four years, and because of that we have become a household name in our space.
Our drive to continue our mission for years and possibly decades to come is not about financial gain for us. There are unlimited ways we can make money without the level of stress, scrutiny, and responsibility that comes with our business.
The driving force behind what we continue to do comes from the countless heartfelt testimonies of our members.
During the last quarter of 2022 we experienced a great deal of pressure with the ever changing landscape of our industry.
As you may already know we had to close our doors with a heavy heart to some of our most loyal and loving customers in NovaTech due to regulatory changes in specific regions.
We know that most of you may not understand the impact this had on our business, and we as a company should have done a better job at communicating this with you.
While we cannot go back in time to correct what has not been done, we will commit moving forward to giving all of our NovaTech customers the proper communication so that we all have realistic expectations.
We want to assure you that our business model is not only strong, but completely sustainable into the unforeseeable future.
As we move forward in this new and developing 2023 season our experiences in the last several months of challenges has brought to light some weaknesses in the way we operate that we felt were strengths at one point as a new and growing company.
NovaTech has always produced, performed, and paid every customer since its inception in June of 2019, regardless of the adversity we may have faced in every market condition in the last 4 years.
While we don’t compare ourselves to any other of the many platforms in our space, we know what we’ve done and what we continue to do is unprecedented.
To protect what we’ve built and to continue to be the crypto trading asset management company we are, it is imperative that we create parameters within our business model that protects our customers from making erratic decisions that can affect the integrity of our program.
NovaTech is unique in the fact that we’ve given our members complete control of how they move about with their crypto funds. But, in light of the forced closures of accounts from some of our beloved members, and the massive amounts of withdrawals we had to initiate, this created a tremendous amount of fear, uncertainty, and doubt that our customers have never had to experience.
Because in the past we chose not to communicate what does not pertain to the functionality or success our business, we left some of you to fall victim to outside rhetoric, which influenced so many of you in making the decision to withdraw from your trading accounts to simply test if we are still paying.
Please know that we continue to actively pay and release cashouts daily, despite delays.
As a result, we have decided to place a temporary freeze in trading account withdrawals for a period of 60 days. This includes existing cashout requests from Trading.
This will allow us to immediately start the process of getting back to a regularly scheduled bonus account withdrawals.
We understand this may not fair well with a small percentage of you, but we are here to protect our future as a whole, and we refuse to compromise our crypto asset management and trading strategies for the few that may not understand.
If you have a trading account withdrawal in process, you have a choice to leave it in the queue, and wait until April 1st 2023 when we will resume trading account withdrawals, or you can cancel your withdrawals and allow your account to continue to earn, while withdrawing profits weekly.
The goal with NovaTech is to create sustainable passive profits of which we have done an amazing job thus far, and will continue with God’s grace.
Let’s all protect our house by eliminating the noise on the outside by staying plugged in and in communication on the inside.
Every member of NovaTech should have an up-line who’s connected to one of our many Senior Directors and Ambassadors in NovaTech. We love every last one of you, we appreciate you, and we will continue business as usual.
NovaTech Admin