Following confirmation NovaTech FX operates illegally across the country, the Canadian Securities Administrators has issued a nation-wide securities fraud warning.
As per the CSA’s March 17th warning;
The Canadian Securities Administrators (CSA) is warning the public that Nova Tech Ltd (NovaTech) … is not registered with a securities regulator in any province or territory in Canada.
This means they are not authorized to offer trading in any securities or derivatives to anyone located in Canada.
NovaTech may be operating in breach of provincial and territorial securities and derivatives law, including provisions related to unregulated trading and the illegal distribution of securities.
Anyone trading securities or derivatives or providing investment advice in relation to securities and derivatives in Canada, including platforms that facilitate the trading of products based on forex and crypto assets, must comply with applicable securities or derivatives legislation.
The CSA goes on to note NovaTech FX’s February collapse, wherein the company disabled investment withdrawals.
Investors have since been able to withdraw recruitment commissions and weekly ROI amounts, however these payments have been staggered.
NovaTech FX further restricted withdrawals on March 14th, by allowing investors to only submit requests on Mondays.
In disabling investment withdrawals last month, NovaTech FX promised investors they would be re-enabled on April 1st.
Regardless of whether restrictions over the last two months enable NovaTech FX to temporarily re-enable investment withdrawals again, inevitable Ponzi math is clearly starting to kick in.
In the US California’s DFPI issued a state-level NovaTech FX securities fraud warning last November. Federal US regulatory action is expected at some point.
NovaTech FX is run by US nationals Cynthia and Eddy Petion.
Since DFPI’s warning last year, the Petions have only addressed investors through one video webinar and voice-only recordings.
Whether the Petions are still in the US remains unclear. Prior to NovaTech FX’s withdrawal issues, the Petions are believed to have ties to New York and Florida.