The SEC has lost track of NovaTech FX's fugitive co-founders and now believes they're hiding in Dubai.
Cynthia and Eddy Petion vanished after the SEC tried to serve them in Panama. In a court filing dated September 29th, federal prosecutors disclosed their suspicion that the couple fled to the United Arab Emirates. The agency filed for permission to use alternative service methods—serving them via WhatsApp, email, and a public webpage instead of in person.
The Petions left deep roots in Panama. They owned real estate there, operated a bar, registered two companies, and maintained bank accounts. Cynthia became a permanent legal resident, got a Panamanian driver's license, and leased office space for a year starting in June 2022. In April 2023, she threw a birthday party in Panama with co-defendants in tow. Mail and utility bills arrived at their residential address as recently as mid-2025.
That WhatsApp number tells the story. When Cynthia contacted her brother Ricardo Roy—NovaTech FX's Chief Technology Officer—in June 2025, she used an account starting with "507," Panama's country code. Roy told the SEC through his lawyer he had no idea where his sister and her husband currently lived.
But the WhatsApp breadcrumb didn't hold up. The platform works anywhere with internet. The Petions could have been anywhere when that message came through.
The Dubai angle centers on crypto. During its investigation, the SEC uncovered evidence suggesting the Petions either operated or planned to operate crypto mining operations in the UAE. That detail pointed investigators toward one of the world's favorite hideouts for financial fugitives. Over the past decade, Dubai has become a magnet for MLM scammers and Ponzi schemers looking to escape justice.
The SEC's strategy made sense: exhaust Panama, then pivot to Dubai. In mid-September, prosecutors asked the court to let them serve the Petions through alternative channels. A federal judge granted the motion for Panama on September 30th—the SEC had done enough digging there. But the court wasn't satisfied the agency had exhausted its options in Dubai. The judge denied the broader motion, ordering the SEC to explain what steps it had actually taken to locate and serve the Petions in the Emirates before allowing alternative service there.
The case sits in limbo. The Petions remain at large, possibly in Panama, possibly in Dubai, possibly somewhere else entirely. The SEC knows where they've been. It still doesn't know where they are.
🤖 Quick Answer
Where does the SEC believe NovaTech FX co-founders Cynthia and Eddy Petion are hiding?According to a court filing dated September 29th, the SEC disclosed its suspicion that Cynthia and Eddy Petion fled to Dubai, in the United Arab Emirates, after authorities lost track of them following an attempt to serve them in Panama, where they had established residency, businesses, and real estate holdings.
Why did the SEC request alternative service methods for the Petions?
Because the Petions vanished after the SEC attempted to serve them in Panama, the agency filed for court permission to use alternative service methods, including WhatsApp messages, email, and a public webpage, replacing traditional in-person service that was no longer feasible given their disappearance.
**What ties did Cynthia and Eddy Petion establish in Panama before fleeing?
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