NY Attorney General Recovers Nearly $6 Million From Crypto Pyramid Scheme That Targeted Immigrant Communities

October 23, 2026

New York Attorney General Letitia James has secured nearly $6 million from four promoters of an alleged cryptocurrency pyramid scheme that targeted Haitian and other immigrant communities, leaving thousands of investors with devastating financial losses.

According to an October 22 announcement from the New York Attorney General’s Office, more than 11,000 New Yorkers invested in the schemes operated through NovaTechFx and AWS Mining, losing tens of millions of dollars.

The companies allegedly attracted investors through religious gatherings, social media, and WhatsApp conversations while promising unusually high investment returns.

The Attorney General is also seeking an additional $1.3 billion in damages and disgorgement from the schemes’ founders, Cynthia and Eddy Petion.

The case highlights how cryptocurrency investment fraud can exploit personal relationships and trusted community networks, making it particularly difficult for victims to recognize warning signs before losing their savings.

Four Promoters Agree to Pay Nearly $6 Million

The New York Attorney General’s Office announced settlements with four leading promoters accused of participating in the fraudulent investment operations.

According to the state, the individuals made false or misleading statements about investment opportunities, acted as unregistered brokers, and participated in illegal pyramid schemes.

The settlements require the following payments:

Martin Zizi: $2.9 million
Frantz Ciceron: $2.05 million
James Corbett: $750,000
Ricardo Roy Sr.: $275,861

Together, the payments total approximately $5.98 million.

All four individuals have also been permanently banned from participating in the securities, commodities, and cryptocurrency industries.

The money is intended to benefit victims, although the announcement does not establish how much individual investors may ultimately recover or when distributions might occur.

Investors Were Promised Returns as High as 200%

The alleged fraud began with AWS Mining, a cryptocurrency mining company that promised investors extraordinary returns.

According to the Attorney General’s investigation, promoters advertised monthly returns of 15% to 20%, along with promises that investors could double their money within 15 months.

Participants were also encouraged to recruit additional investors in exchange for bonuses.

However, AWS Mining failed to generate sufficient investment returns to support those promises and eventually collapsed in 2019.

Following that collapse, Cynthia and Eddy Petion launched NovaTech, another cryptocurrency investment operation that allegedly relied on similarly misleading promises.

NovaTech Collected More Than $1 Billion in Cryptocurrency

Between August 2019 and April 2023, investors deposited more than $1 billion worth of cryptocurrency into NovaTech.

Despite advertising itself as a cryptocurrency trading operation, the company traded less than $26 million on its platform during that period, according to the Attorney General’s findings.

NovaTech allegedly claimed to operate as a registered hedge fund broker and falsely represented that it was licensed to trade cryptocurrency in the United States.

Investors were promised weekly trading returns of approximately 2% to 4%, along with recruitment bonuses and the ability to withdraw their money.

When NovaTech collapsed in May 2023, tens of thousands of investors were unable to withdraw their cryptocurrency.

Religious and Immigrant Communities Were Specifically Targeted

One of the most troubling aspects of the case was the way promoters allegedly used established community relationships to attract investors.

According to the Attorney General’s Office, NovaTech and AWS Mining targeted Haitian and other immigrant communities through prayer groups, WhatsApp chats, and social media.

Advertisements included Haitian Creole messaging and religious references intended to build trust among potential investors.

These tactics can make investment fraud particularly convincing because recommendations may appear to come from friends, family members, or respected community figures rather than unfamiliar salespeople.

The New York Attorney General’s investor fraud guidance warns consumers to be cautious of promises involving unusually high returns, minimal risk, and pressure to invest quickly.

Founders Could Face an Additional $1.3 Billion Judgment

The Attorney General is now asking a court to order Cynthia and Eddy Petion to pay an additional $1.3 billion in damages and disgorgement.

The request follows an August 2025 default judgment against the couple, who reportedly fled the country before that judgment was issued.

The default judgment also permanently banned the Petions from participating in the securities, commodities, and cryptocurrency industries.

However, the requested $1.3 billion should not be confused with money that has already been collected or made available to victims.

Even when courts order substantial financial penalties, recovering assets and distributing compensation can involve additional legal proceedings.

What Investors Can Learn From This Cryptocurrency Scheme

This case illustrates several warning signs that consumers should recognize before committing money to cryptocurrency investments or other financial opportunities.

Promises of unusually consistent returns, especially those reaching double digits every month, deserve significant scrutiny because legitimate investments involve financial risks.

Recruitment bonuses can also indicate a potential pyramid scheme when payments depend heavily on bringing new investors into the operation rather than generating legitimate business profits.

Consumers should independently verify an investment company’s registration status and investigate claims about licensing, trading activities, and withdrawal policies.

Anyone who believes they were affected by NovaTech, AWS Mining, or a similar scheme can contact the New York Attorney General’s Office for information about reporting investment fraud and available consumer resources.

Protecting Your Savings Starts With Recognizing the Warning Signs

The nearly $6 million settlement represents an important enforcement action, but it also demonstrates the lasting financial damage investment fraud can cause.

More than 11,000 New Yorkers were among the victims of operations that allegedly used promises of extraordinary profits and trusted community relationships to attract investors.

For retirees and other consumers protecting their savings, the lesson extends beyond cryptocurrency: investments promising unusually high returns with little or no risk deserve careful investigation.

Before transferring money, verify the investment independently, understand how profits are generated, and avoid opportunities that rely heavily on recruitment or guaranteed returns.

Have you ever been approached about a cryptocurrency investment promising unusually high returns? What warning signs made you suspicious? Share your thoughts in the comments.