A NovaTech FX Ponzi promoter has acquired a securities fraud cease and desist from Ohio.
Steven Douglas Alexander, of Cincinnati, is cited as a Respondent throughout the Ohio Division of Securities March twenty second order.
NovaTech FX was an MLM crypto Ponzi scheme launched by Cynthia and Eddy Petion in 2019.
NovaTech FX collapsed in February 2023. The Petions have since gone into hiding.
ODS appears to have begun investigating Alexander in route of the highest of 2023. ODS found Alexander to have promoted NovaTech FX from on the very least April 2022 by January 2023.
[Alexander] precipitated to be provided, straight or in a roundabout way, securities in Novatech to Ohioans, and so recruited patrons harking back to MM, TS, and WR, from in or about April 2022 by means of January 2023, and due to this, he acquired referral bonuses.
4 victims of Alexanders are cited as having invested $4950 into NovaTech FX.
Neither NovaTechFX or Alexander are registered to provide securities in Ohio.
On January twenty fifth ODS educated Alexander of a pending cease and desist, giving him a chance to pre-emptively reply.
Alexander did not reply the ODS’ uncover.
ODS’ investigation concluded that NovaTech FX’s funding scheme “are securities” beneath Ohio state securities regulation.
As a promoter of NovaTech FX, Steven Alexander was in flip deemed to be a promoter of unregistered securities.
[Alexander] violated R.C.1717.44(A)(2) by, with a budget expectation of remuneration, performing as a securities funding adviser with out right licensure from the Division.
[Alexander] violated R.C. 1707.44(C)(1), by selling or inflicting to be provided, a security to which was not registered available on the market in or from Ohio.
In delicate of these findings, ODS ordered Alexander to cease and desist committing further securities fraud violations on March twenty second.
Earlier to promoting MLM crypto Ponzis Alexander ran a roofing and constructing enterprise.
Alexander’s transition to crypto fraud observed him reinvent himself as “the crypto cowboy”.
Alexander held and spoke at “Cincy Group” promoting and advertising and marketing events held in Ohio.
How lots Alexander stole by NovaTech FX stays unclear.
Outdoor of Ohio, NovaTech FX fraud warnings have been issued by Massachusetts, Russia, California, Canada, Wisconsin and Washington.
The SEC moreover simply recently confirmed a federal fraud investigation into NovaTech FX and the Petions is underway.