The collapsed NovaTech FX Ponzi scheme looks set to drag its exit-scam on for the foreseeable future.
With a previously set April 1st deadline approaching to provide access to invested funds, Cynthia Petion has now confirmed excuses will continue for “several more months”.
In a 5am audio message shared with NovaTech investors on March 25th, Petion stated;
We’re going to be announcing some parameters and changes that we’re gonna put into place, particularly before or soon after the April 1st deadline we’re all waiting on.
Sorry guys I cannot make a proverse “D-day” for NovaTech. Alright.
It cannot be the day that everybody takes everything out and walks away and… causing it to have a negative impact on the ones who still want to be here.
You guys are gonna have to hang out with me for several more months while we work through some changes.
Petion claims she’ll “post some information in the backoffice … over the next couple of days”.
NovaTech FX collapsed in early February. Investors were informed withdrawals would be disabled “for a period of 60 days”.
If you have a trading account withdrawal in process, you have a choice to leave it in the queue, and wait until April 1st 2023 when we will resume trading account withdrawals, or you can cancel your withdrawals and allow your account to continue to earn, while withdrawing profits weekly.
NovaTech FX missing that deadline coincides with a 20% reduction in website traffic between January and February 2023.
Reading between the lines, NovaTech FX withdrawals likely exceeded new investment sometime in late 2022. The Petions likely hoped recruitment of new victims (and new investment) would pick up in 2023.
That didn’t happen, and so here we are. There have been limited withdrawals, paid out whatever new investment is trickling in, but NovaTech FX’s overall balance sheet is deep into Ponzi math territory.
As to how long NovaTech FX can continue to string investors along; CashFX Group collapsed in November 2021.
Founder Huscuar Lopez hasn’t been seen since then and the Ponzi scheme is still promising some “auto-trading” baloney to victims.
One key difference between NovaTech FX and CashFX Group is that the Cynthia and Eddy Petion are US nationals with ties to the US.
Whether the Petions are still in the US remains unclear.