New York Seeks $1.3 Billion From NovaTech Founders In Crypto Fraud Case

TL;DR: New York’s attorney general is seeking $1.3 billion in monetary relief in the NovaTech case and has announced nearly $6 million in promoter settlements. The larger sum is a request to the court, not money recovered for investors. New York’s effort to recover losses from the NovaTech cryptocurrency scheme has reached a new stage, with Attorney General Letitia James asking a court to impose roughly $1.3 billion in damages and disgorgement. The October 22 announcement also disclosed nearly $6 million in settlements with four promoters. Those are separate from the much larger claim involving founders Cynthia and Eddy Petion. The announcement does not establish that either amount has already reached victims. The case concerns investment packages sold through NovaTech and an earlier business, AWS Mining.

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