Cynthia Petion and NovaTech FX have been fined $2.5 million by Ontario’s Capital Markets Tribunal.

Following the discovery in July that NovaTech FX and Petion had breached Ontario securities legislation, CMT was fined on December 3.

In particular, Petion and NovaTech FX have been mandated to pay:

• An administrative fine of $2.5 million

• Disgorgement of $31,000

• $193,333 in lawsuit fees

The aforementioned sums equal to $1.89 million USD in Canadian dollars.

Additionally, Cynthia Petion is not allowed to serve as a director of a business that is registered in Ontario or that is registering or attempting to register with the Ontario Securities Commission.

In February 2023, the MLM cryptocurrency Ponzi known as NovaTech FX went down.

In December 2022, the Ontario Securities Commission issued a securities fraud notice, which sparked NovaTech FX’s regulatory issues in Ontario.

Neither Petion nor NovaTech FX have shown up for the planned CMT hearings.

While NovaTech FX was failing, Petion and her husband, Eddie, left the United States for Panama.