Four promoters of cryptocurrency schemes that cost more than 11,000 New Yorkers tens of millions of dollars will pay nearly $6 million under settlements with the state attorney general's office.
The agreements also permanently bar the four from the securities, commodities and cryptocurrency industries, Attorney General Letitia James announced. Her office separately asked a court to order NovaTech founders Cynthia and Eddy Petion to pay more than $1.3 billion following an earlier default judgment.
The settlements require Martin Zizi to pay $2.9 million, Frantz Ciceron $2.05 million, James Corbett $750,000 and Ricardo Roy Sr. $275,861. The money is to be disgorged for victims' benefit.
The case involves NovaTechFx, known as NovaTech, and AWS Mining Pty Ltd. James sued in June 2024, accusing the companies and promoters of running illegal pyramid schemes that targeted immigrant and religious communities, particularly Haitian New Yorkers.
Recruiting through faith and social networks
The attorney general's office said promoters used prayer groups, social media and WhatsApp chats, including Haitian Creole advertising and religious messages, to recruit investors with promises of high returns and rewards for bringing in others.
AWS Mining promised monthly returns of 15% to 20%, a 200% return within 15 months and recruitment bonuses, according to the office. It said the company failed to generate enough investment returns to cover those promises before collapsing in 2019.
The Petions then started NovaTech. The state said they falsely described it as a registered hedge fund broker and licensed U.S. cryptocurrency trader, advertised weekly trading profits of about 2% to 4%, and promised investors access to their money at any time.
Investors deposited more than $1 billion in cryptocurrency with NovaTech from August 2019 through April 2023, but less than $26 million was traded on its platform, according to the attorney general. When NovaTech collapsed in 2023, tens of thousands of investors could not withdraw their funds.
The affected New Yorkers included investors in New York City, Westchester, Long Island, and Rockland and Orange counties. The office described losses across the state.
Separate request follows default judgment
The four settlements resolve claims involving false and misleading investment statements, unregistered brokerage activity and an illegal pyramid scheme.
The separate request for more than $1.3 billion concerns the Petions and related defaulting defendants. A court entered a default judgment in August 2025 and imposed industry restrictions; the amount of monetary relief remained for determination through written submissions.
In an affirmation filed Oct. 22, the attorney general's office sought damages, disgorgement and costs. The filing seeks about $1.367 billion for the NovaTech-related claims, including interest, along with separate amounts tied to AWS Mining. Those requests are distinct from the nearly $6 million owed under the four promoters' settlements.
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