The Ontario Securities Commission has issued a NovaTech FX securities fraud warning.
As per the OSC’s December 13th warning, NovaTech FX, operating as Novatech LTD,
is not registered in Ontario to engage in the business of trading in securities.
This is the equivalent of a securities fraud warning in other jurisdictions.
The OSC is the third Canadian regulator to take action against NovaTech FX. Similar securities fraud warnings have also been issued by Alberta and British Columbia.
Outside of Canada Novatech FX has received securities fraud warnings from California and the Central Bank of Russia.
Increased regulatory attention on NovaTech FX coincides with founders Eddy and Cynthia Petion recently selling a property in Florida.
Following on from California, a federal US regulatory case against NovaTech FX is believed to be pending.
NovaTech FX, which pitches a weekly passive return, is run out of the US and has a majority US investor base.
Earlier this month, Cynthia Petion represented she was in Milan, Italy on Instagram. Whether the Petions are still in the US is unclear.