On September 29, 2025, the SEC filed a motion for alternative service against NovaTech FX co-founders Cynthia and Eddy Petion, suspecting they may be hiding in Dubai, UAE, or remaining in Panama, per. The motion, attached to a declaration exhibit, aimed to serve via WhatsApp, email, and a public webpage after failing to locate them in Panama, but was denied on September 30, 2025, as the court required evidence of attempts in Dubai, per. The SEC believes the Petions fled amid the $650M Ponzi scheme charges filed in August 2024, per.
Evidence for Panama includes real estate ownership, a bar operation, registered companies, bank accounts, a one-year office lease (June 2022–2023), and mail/utility bills at a residential address, per. Cynthia Petion, a permanent resident with a Panamanian driver’s license, used a 507 WhatsApp number (Panama code) to contact her brother, Ricardo Roy (NovaTech CTO), in June 2025, per. Panamanian authorities’ service attempts failed, leading to Dubai suspicions tied to purported crypto mining operations, per.
Dubai has become a refuge for MLM Ponzi scammers, per. The Petions allegedly siphoned millions from 200,000+ investors in a scheme promising daily profits from crypto and forex trading, but used new funds to pay earlier investors and commissions, per. NovaTech collapsed in May 2023, leaving most unable to withdraw, per. The court directed the SEC to refile with Dubai service details, per. X posts from @CryptoLawyerz speculate the Petions are evading arrest, per.
The case highlights challenges in serving international fugitives in crypto scams, per. NovaTech targeted affinity groups like Haitian-Americans using religious appeals, with Cynthia as “Reverend CEO,” per. Similar schemes like GSPartners and DAO1 show ongoing MLM fraud, per. Investors should verify via sec.gov and avoid unregulated platforms. Bitcoin (BTC) ($113,234) and Ethereum (ETH) ($4,070) remain stable, per CoinMarketCap, but such cases erode trust. Diversify into USDC with stop-losses below BTC’s $112,000, per TradingView. Follow @TheBlock__ on X for updates. Refiling could lead to service in Dubai, per.
