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News Explorer — SEC Charges NovaTech in $650 Million Crypto Scheme Targeting the Haitian-American Community

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Aug 12, 7:25 pm

Decrypt

SEC Charges NovaTech in $650 Million Crypto Scheme Targeting the Haitian-American Community

The U.S. Securities and Exchange Commission (SEC) has filed charges against the founders of NovaTech for running a $650 million cryptocurrency Ponzi scheme that targeted the Haitian-American community. The SEC alleges that NovaTech promised investors profits and safety of their funds, but instead used the majority of the funds to pay existing investors and promoters while siphoning millions for themselves. NovaTech promoters have also been charged for recruiting investors and downplaying red flags.

The U.S. Securities and Exchange Commission (SEC) has filed charges against the founders of NovaTech for running a $650 million cryptocurrency Ponzi scheme that targeted the Haitian-American community. The SEC alleges that NovaTech promised investors profits and safety of their funds, but instead used the majority of the funds to pay existing investors and promoters while siphoning millions for themselves. NovaTech promoters have also been charged for recruiting investors and downplaying red flags.

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