In Washington, NovaTechFx, and Eddie Petion faced fraud charges and the companies are regarded as red flags. On October 27, a cease and desist order along with the Statement of Charges was filed against them.
The Securities Administrators of the State of Washington are taking legal action against Respondents NovaTech Ltd, Cynthia Petion, and Eddie Petion. The authorities believe that these companies are violating the Securities Act of Washington. The regulators are working in the interests of the public and investors.
Cynthia Petion (wife) and Eddie Petion (husband), former residents of Royal Palm, Florida are on the run. The regulators remarked that their “present whereabouts are unknown” and it intensifies the critical condition of the company.
What’s NovaTechFx?
NovaTechFx is a brokerage that provides services to traders in the Forex and cryptocurrency markets. Nova-Tech had a widespread international presence until it collapsed in February 2023. The Petions, owner of the brokerage company have been hiding until now from the legal authorities.
The MetaTrader 5 (MT5) trading platform, is a combination of modern technology with innovative style, advanced analytical tools, sophisticated, feature-rich toolset, comprehensive charting capabilities, and support for algorithm trading.
Is NovaTech Fx a Scam or Legit?
NovaTechFx is a scam as it has numerous red flags. Numerous users had difficulty taking out cash from the platform, and the company has yet to connect with a regulatory body. Some underlying pyramid schemes might be undergoing the system to scam the investors. Hence, it’s best to remain away from the platform.
In 2019, it emerged to the world, however, its founder was involved in numerous shady businesses which ultimately led to its demise. Cynthia Petion acts as the CEO of the firm, Eddy Petition is the COO, and Ricardo Roy is the CTO of NovaTechFx.
In AWS Mining (Automated Web Series) which is known for worldwide fraud, Cynthia and Eddy are involved in it. Therefore, people working in such organizations can’t be trusted. Hence, it’s better to avoid such platforms which are well-known fraud.
Even the location on the website of this brokerage corporation seems fictional. When one observes their website, there’s a main address and two secondary addresses for reaching out. The primary location of the NovaTech FX contends to be tracked down in St. Vincent and Grenada.
However, the other two additional addresses on the website might be fictional as well, one is situated in Florida and another in Tallinn – Estonia. All one needs to do is call on the addresses and the reality will be clear. Hence, it asserts clearly whether one should trust such a firm or not.
Additionally, various people are trying to promote the brokerage firm, however, there are likely no real investors or traders as no apparent activity is portrayed on their website. Due to little evidence on the actuality of investors, trading, and profits, it becomes a red flag for crypto traders.
Mainly, they’re focusing on commission, referrals, and bonuses, with no focus on objective tasks and dealings. No actual investments or activities are going on, except recruiting new members and compensating older members with new investments of novices.
Conclusion
NovaTechFx is a brokerage website, particularly designed for cryptocurrency and traders. The firm was controversial, yet it received much interest from the international community. However, many weren’t prepared for the underlying pyramid under its wing. The recent controversies regarding its founders mark it as a big fraud.
People who are looking forward to investing and earning profits, make sure to research the platforms carefully and invest after authorizing the information. If one has invested in or utilized the services of NovaTechFx, let us know your experience in the comments below.
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