NovaTech FX and its operator Cynthia Petion skipped their second regulatory hearing in Canada, leaving the Ontario Securities Commission to push forward with its fraud case alone.

The Capital Markets Tribunal held a webinar hearing on September 28th. Neither NovaTech FX nor Petion showed up. This marks the second time they've dodged a hearing—they failed to appear at an earlier proceeding in May 2023.

The no-show triggered a new timeline. The OSC must file a motion by November 17th, 2023. NovaTech FX then has until November 24th to respond. The tribunal scheduled another hearing for November 27th.

The OSC filed its Statement of Allegations against NovaTech FX and Petion back in August. The regulator is seeking an injunction against both and wants them to disgorge all ill-gotten gains.

This is NovaTech FX's pattern. The scheme, run by Petion and her husband Eddy, imploded in late 2022 when customers couldn't withdraw their money. The couple disappeared. BehindMLM declared NovaTech FX officially collapsed in March 2023.

In a December 30th, 2024 update, the Capital Markets Tribunal fined NovaTech FX and Cynthia Petion $2.5 million.

🤖 Quick Answer

What happened at NovaTech FX's second OSC Tribunal hearing?
NovaTech FX and operator Cynthia Petion failed to appear at the Capital Markets Tribunal webinar hearing on September 28th. This represents their second absence from regulatory proceedings, following a missed hearing in May 2023, allowing the Ontario Securities Commission to advance its fraud allegations independently.

What are the next procedural steps in the OSC case?
The Ontario Securities Commission must file a motion by November 17th, 2023. NovaTech FX has until November 24th to respond. The tribunal scheduled another hearing for November 27th to address the allegations and determine appropriate regulatory remedies.

What remedies is the OSC seeking against NovaTech FX?
The OSC filed its Statement of Allegations in August and is pursuing an injunction against both NovaTech FX

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