In a January 9, 2026, amended motion, the SEC stated that NovaTech FX co-founders Cynthia Petion and Eddy Petion are not in Dubai, based on UAE immigration records showing their last departure in April 2019 without a return, as well as CoinDesk and SEC filings. This follows a September 29, 2025, declaration suggesting the Petitions might be in Panama or Dubai, tied to purported crypto-mining operations in Dubai.TheMillionaireDriveBlog. The court granted alternative service via WhatsApp and a dedicated website on January 30, 2026, with confirmation on February 6, 2026, in the SEC’s Southern District of Florida case (No. 1:24-cv-23058).
The SEC charged NovaTech FX and the Petitions in August 2024 with a $650 million fraud scheme from 2019 to 2023 that targeted over 200,000 investors, including many in the Haitian-American community (SEC press release 2024-95). Operating as an MLM crypto investment program, NovaTech promised profits from crypto and forex trading but used funds for Ponzi payments and commissions, according to FXNewsGroup. The Petitions siphoned millions, leading to the scheme’s collapse.CoinDesk. X posts from @CryptoLawyerz speculate that the Petitions are hiding in Panama, where service attempts failed.
The Petitions’ evasion delays justice for victims, with NovaTech’s fraud mirroring cases like Forsage ($340M losses) and the DOJ. Crypto markets, including Bitcoin ($113,234) and XRP ($2.29), remain stable, according to CoinMarketCap, but such scams erode trust. The SEC‘s alternative service, approved under FRCP 4(f)(3), sets a precedent for serving elusive defendants through a court order. New York AG‘s June 2024 complaint details NovaTech‘s false claims, NY AG filing. Risks include unregistered securities and affinity fraud, with actionable advice: Verify investments via sec.gov and report tothe SEC or state regulators.
The Petitions have until February 27, 2026, to respond to the SEC complaint, potentially leading to permanent injunctions, disgorgement, and penalties. SEC Litigation Release (LR-26072). If evading service persists, a default judgment may follow. Investors should avoid MLM crypto schemes and monitor SEC updates on sec.gov. Diversify into USDC or regulated ETFs, with stop-losses below BTC’s $112,000, on TradingView. Follow @TheBlock__ on X for case developments. The Petitions’ case could spur stricter oversight of crypto MLMs in 2026.
