New York seeks $1.37B from NovaTech’s founders as $6M recovery frustrates victims

NovaTech founders Cynthia and Eddy Petion could be on the hook for nearly $1.37 billion after Attorney General Letitia James asked a New York court to target the couple almost four years after they fled the United States in mid-2022. So far, authorities have only recovered $5.98 million, mainly from settlements with promoters, which pales in comparison with the losses that the NovaTech scheme caused customers. That tiny recovery figure frustrates any hopes of victim repayment. New York wants to collect $1.37 billion from NovaTech founders The $1.37 billion figure that New York AG James is pursuing from the Petions splits as $1.13 billion in disgorgement and another $232.5 million in prejudgment interest.

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