New York AG Seeks $1.3B From NovaTech Founders

New York Attorney General Letitia James has secured nearly $6 million in settlements from four promoters of the NovaTech and AWS Mining crypto fraud schemes while asking a court to order an additional $1.3 billion in payments from the companies' founders, according to CryptoNews.

The settlements involve Martin Zizi, Frantz Ciceron, Ricardo Roy Sr., and James Corbett, who promoted investment schemes affecting hundreds of thousands of people worldwide, including over 11,000 New Yorkers. All four individuals have been permanently barred from participating in the securities, commodities, and cryptocurrency industries. The agreements total approximately $5.98 million, which will be distributed to benefit victims.

Court Judgment and Financial Calculations

Alongside the settlements, James filed a request for monetary relief against NovaTech founders Cynthia and Eddy Petion after a default judgment was issued against the couple on August 4, 2025, following their failure to respond to the state's June 2024 lawsuit.

Prosecutors calculated $1.134 billion in disgorgement connected to NovaTech, plus approximately $232.5 million in prejudgment interest, bringing the requested amount for that scheme to $1.367 billion. An additional $6.15 million, including interest, was requested in connection with AWS Mining. Investigators found that NovaTech received approximately $1.16 billion in investor cryptocurrency between August 2019 and May 2023, but only $25.99 million reached its trading platform, where traders subsequently lost about $18.19 million.

Community Targeting

According to the Attorney General's Office, the schemes targeted immigrant communities, particularly Haitian New Yorkers, through religious gatherings, social media, prayer groups, and WhatsApp channels. AWS Mining operated prior to NovaTech, promising monthly returns of 15% to 20% before collapsing in 2019. The Petions subsequently established NovaTech to offer foreign exchange and cryptocurrency packages promising weekly profits of 2% to 4%.

Key facts

• New York secured nearly $6 million in settlements from four NovaTech and AWS Mining promoters.
• The state is pursuing $1.3 billion from NovaTech founders Cynthia and Eddy Petion.
• Over 11,000 New Yorkers were affected by the schemes.
• NovaTech received over $1 billion in crypto, but investigators found less than $26 million reached its trading platform.