SEC Alleges $650 Million Crypto Pyramid Scheme By NovaTech Founders

Quick Summary:

On Monday, the US Securities and Exchange Commission (SEC) filed a lawsuit against NovaTech, an alleged crypto pyramid scheme, and eight of its promoters.

The SEC alleges that the Petions orchestrated a “fraudulent operation” under the guise of a multi-level marketing (MLM) and crypto asset investment program between 2019 and 2023.

When NovaTech inevitably collapsed, most investors found themselves unable to retrieve their investments, resulting in substantial financial losses.

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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: HungaryEl SalvadorHaiti

Topics: Digital currency US crypto Cryptocurrencies Crypto news DeFi US crypto market Cryptocurrency Crypto Crypto News Crypto regulation

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-13 @ 13:00:08 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 457 words

Reading Time: 3 minutes read

Sentences: 29 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 22065925

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