An investor is suing NovaTech FX and its leadership for running a $2.3 billion Ponzi scheme dressed up as a cryptocurrency investment platform. The RICO class-action, filed in federal court in New York, names the company's founders, top executives, and a network of promoters who allegedly knew exactly what they were doing.

Avis Mullins, a New York resident and NovaTech FX investor, filed the complaint on February 5th and amended it days later. He's targeting the inner circle: Cynthia Petion (CEO and co-founder), her husband Eddy Petion (COO and co-founder), and her brother Ricardo Roy (CTO). Also named are Debora Brasil, the company's president, and a web of shell companies registered in St. Vincent and Grenadines and Estonia that Mullins says were designed to hide the operation.

The lawsuit alleges that the company's leadership knew this was a scam. They ran a classic Ponzi operation where payouts to early investors came straight from money deposited by new recruits—not from any actual cryptocurrency trades. The complaint states that neither Cynthia nor Eddy Petion held licenses to sell securities, yet they operated the scheme anyway.

Beyond the founders, Mullins is suing the promoters who signed up investors: Frantz Ciceron in New York, Jean Martin Zizi in Georgia, Travis Bieberitz in Tennessee, Bob Saint Louis on Long Island, Paul J. DeRenzo in Pennsylvania, John Garofano, and James Gorbett. Ciceron also faces allegations that his company, Ciceron Frantz & Associates, laundered investor funds.

Mullins alleges that each defendant—whether a founder or a promoter—either directly managed the operation, participated in day-to-day decisions, or helped push false marketing materials. They were privy to inside information about how the scheme worked. Some actively drafted the misleading statements. Others approved them while knowing they were lies.

The lawsuit goes further. Mullins accuses the defendants of knowingly running a Ponzi scheme, fully aware that investor returns came from new money, not real investments. He also alleges securities fraud violations in Washington, Wisconsin, and California. The RICO charge suggests an organized enterprise built around systematic deception.

The complaint presents a ruthless operation: a closed loop where money flowed in from hopeful investors, got divvied up to earlier participants as promised returns, and enriched the people at the top. Marketing materials promised cryptocurrency gains that never materialized. Confidential documents show the leadership understood what they were doing. The shell companies and complex structure existed to obscure the cash flow and make the scheme harder to trace.

NovaTech FX operated as a multilevel marketing system, meaning promoters earned commissions for recruiting new investors rather than from actual returns. That model, combined with phantom investment gains and a Ponzi structure, created a perfect storm of fraud that eventually collapsed.

The case now moves forward as a class-action, which means Mullins is suing on behalf of all NovaTech FX investors who lost money. The damages claimed exceed $2.3 billion—the total size of the fraud.

🤖 Quick Answer

What is the NovaTech FX RICO class-action lawsuit about?
A federal class-action suit filed in New York alleges that NovaTech FX operated a $2.3 billion Ponzi scheme disguised as a cryptocurrency investment platform. The complaint names founders Cynthia and Eddy Petion, executives, and promoters for orchestrating the alleged fraud through shell companies registered internationally.

Who are the key defendants in the NovaTech FX case?
Primary defendants include Cynthia Petion (CEO and co-founder), Eddy Petion (COO and co-founder), Ricardo Roy (CTO), and Debora Brasil (president). Additionally, multiple shell companies registered in St. Vincent and Grenadines and Estonia are named as entities allegedly used to conceal the operation's fraudulent structure.

**When was the NovaTech FX

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