New York Attorney General Letitia James is taking legal action against NovaTechFX founders Cynthia and Eddy Petion for running a $1 billion Ponzi scheme targeting mostly Haitians in New York. These two used various means, such as an FBI report they purported to burn or an alleged mine fire in Paraguay, to lure investors into investing.
What is Novatech?
Novatech is a Forex and crypto trading platform which promises its members high returns. However, this site exhibits several red flags for investors to be wary of; most notably being unregulated as well as being registered in Saint Vincent and the Grenadines and offering compensation plans with multiple levels – an indicator of MLM activity.
This website offers multiple ways for users to make money, including online investments and affiliate marketing. Furthermore, educational materials and support for newcomers are provided as well as support. Those looking for added protection while using this platform should sign up with PureVPN which utilizes global servers with superior encryption technology to protect from scams like this one.
Novatech produces neodymium magnets used in electric vehicles and household appliances. Their magnets can be found across Canada, the US and Vietnam with headquarters located in Yongin South Korea – not being publicly traded, Novatech remains private company.
How does Novatech work?
Novatech FX is a Forex and Crypto trading company which claims to offer people an easier way to trade without all the work. But there are numerous red flags about Novatech FX that should raise concerns, including its non-registration as a securities firm and alleged involvement of its founders with potential scams.
Novatech FX’s registration in Saint Vincent and the Grenadines also raises red flags about possible pyramid and Ponzi scheme activity, as the company claims annual returns of 300 percent which seem too good to be true. Furthermore, there has been no evidence of actual trading activities taking place on its platform; therefore it seems likely that Novatech FX will collapse soon. As such, it would be wiser not to invest with them but consider an alternative such as PureVPN which offers secure VPN with global server coverage and superior encryption – such as investing instead!
Is Novatech a scam?
Financial industries are complex and dynamic environments that can easily lead to scams. This is particularly true of digital markets such as foreign exchange and cryptocurrency trading platforms that boast hugely lucrative markets like foreign exchange. While most are legitimate and regulated, such as Novatech Crypto trading platforms. Unfortunately, however, misinformation and baseless claims often obscure that fact.
One of the key allegations surrounding Novatech as a potential scam is that it engages in securities fraud or pyramid schemes, both of which have some merit; however, these claims fail to take into account all the positive contributions Novatech makes to trading environments worldwide.
Novatech’s commitment to technological innovation is admirable; their MT5 platform offers fast execution with low latency for traders’ convenience, while their no-dealing desk model ensures trades take place without conflict with other market participants. They also offer deep liquidity which serves to maintain market stability.
Is Novatech legit?
Novatech provides individuals with a platform to navigate the increasingly volatile worlds of forex and cryptocurrency trading, with fast execution rates and no dealing desks to give traders the competitive edge necessary for success.
Registration in Saint Vincent and the Grenadines raises red flags, as do their claims of 300 percent returns annually. Their compensation plan appears to pay members in multiple levels – suggesting they could be operating a pyramid or Ponzi scheme. Furthermore, its founders appear to have questionable backgrounds, being implicated in several scams themselves.
Note that Novatech doesn’t adhere to stringent security standards, placing your investment at risk. There have been reports of withdrawal problems on its platform. Any such red flags should serve as warning that you could be investing in an untrustworthy company and should always conduct proper due diligence before investing your funds with any company; otherwise you risk losing all or part of it, with serious repercussions for both yourself and any company involved.