A Cincinnati man who peddled a cryptocurrency Ponzi scheme to Ohio investors just received a cease and desist order after state regulators caught him red-handed promoting unregistered securities.

Steven Douglas Alexander, operating under the online persona "the crypto cowboy," recruited at least four Ohio victims who collectively lost $4,950 to NovaTech FX between April 2022 and January 2023. For each investor he brought in, Alexander collected referral bonuses. The Ohio Division of Securities slapped him with the order on March 22nd.

NovaTech FX was a multilevel marketing scheme disguised as a crypto investment opportunity. Cynthia and Eddy Petion launched it in 2019 and watched it implode in February 2023. The couple disappeared shortly after.

Regulators began scrutinizing Alexander's role in the fraud near the end of 2023. They discovered he'd actively promoted the scheme for nearly a year, recruiting investors under names like MM, TS, and WR. He pocketed money for every person he signed up.

The Ohio Division of Securities determined NovaTech FX qualified as an unregistered security under state law. Because Alexander knowingly promoted it, he became liable as a promoter of illegal securities. He violated state law by acting as an investment adviser without a license and by selling unregistered securities to Ohio residents.

When regulators gave Alexander a chance to respond to the charges on January 25th, he ignored them. His silence sealed his fate.

Alexander's path to crypto fraud is a sharp departure from his earlier work. Before reinventing himself as the crypto cowboy, he ran a roofing and construction business. The transition suggests he saw an opportunity in the booming world of unregulated digital assets.

He held presentations for the Cincy Group, a marketing outfit that hosted events across Ohio promoting the scheme.

The exact amount Alexander siphoned from victims remains unknown. What is clear is that NovaTech FX's reach extended far beyond Ohio. Fraud warnings against the scheme have been issued by Massachusetts, California, Wisconsin, Washington, Canada, and Russia. The SEC confirmed in recent months that it's conducting a federal investigation into NovaTech FX and the Petions.

🤖 Quick Answer

Who is Steven Douglas Alexander and what securities fraud scheme was he involved in?
Steven Douglas Alexander, operating online as "the crypto cowboy," promoted NovaTech FX, an unregistered cryptocurrency investment scheme in Ohio. Between April 2022 and January 2023, he recruited at least four state victims who lost $4,950 collectively, earning referral commissions for each investor recruited into the multilevel marketing operation.

What regulatory action did Ohio authorities take against Alexander?
The Ohio Division of Securities issued a cease and desist order against Alexander on March 22nd, halting his promotion of unregistered securities. The order followed state regulators' investigation into his fraudulent cryptocurrency investment solicitation activities targeting Ohio residents.

What was the structure and fate of NovaTech FX?
NovaTech FX operated as a multilevel marketing scheme disguised as a cryptocurrency investment platform. Launched in

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