SEC Confirms Federal Fraud Investigation into NovaTech FX
Federal regulators are closing in on two cryptocurrency schemers who pocketed millions from tens of thousands of victims in what the SEC calls a classic Ponzi operation wrapped in blockchain language.
The Securities and Exchange Commission confirmed its investigation into NovaTech FX after obtaining a court order in February to force compliance from Dap Dunbar and Corrie Sampson, who both refused to cooperate with federal subpoenas. Dunbar, who goes by "Mr Amazing" and "Tiger" on Facebook, operated out of Florida. Sampson, based in California, worked alongside him as a co-founder of their recruitment arm called Team Diamond.
The scale is stunning. Dunbar's downline alone pulled in at least $50 million from approximately 10,000 investors who believed they were getting into a legitimate cryptocurrency investment program. Sampson's reach was even larger. According to NovaTech marketing materials from January 2023 that the SEC obtained, Team Diamond commanded roughly 50,000 investors who collectively funneled over $296 million into the scheme.
Both rose to the top tiers of NovaTech's multilevel marketing structure. Sampson hit the highest ranking. Dunbar came in second. They promoted the operation relentlessly through webinars and social media, convincing ordinary people that cryptocurrency trading through NovaTech was a path to wealth. The pitch worked. The money poured in.
The SEC served Dunbar with a subpoena in June 2023 and Sampson in July 2023. Regulators demanded records of communications, social media posts about NovaTech, names of investors they recruited, and critically, documentation of cryptocurrency transactions. They wanted wallet addresses showing where the victims' money flowed and where Dunbar and Sampson moved their stolen assets.
Dunbar showed up for questioning on August 21st, 2023. He acknowledged having relevant documents. Then he stonewalled. Despite repeated requests, he produced only partial documents. Sampson went further—she provided nothing and skipped her testimony entirely.
That defiance forced the SEC's hand. Regulators asked a federal court to enforce the subpoenas. The judge agreed on February 13th, ordering both to hand over what they were hiding. The court's order compelled them to produce responsive documents and appear for depositions.
What emerges from the investigation is a portrait of two operators who exploited the public's hunger for crypto riches. They built a massive downline, collected commissions on every recruit, and likely siphoned personal gains while claiming their system generated legitimate investment returns. When federal regulators came asking questions, they resisted.
The SEC's investigation centers on whether Dunbar, Sampson, and other insiders violated federal securities laws through the offers and sales of NovaTech interests. Regulators are examining the entire operation—how it recruited investors, how money moved through the system, where profits actually went.
For the thousands of investors who put hundreds of millions into NovaTech believing Dunbar and Sampson's promises, the reality is grimmer each day. Their money is gone.
🤖 Quick Answer
What is the SEC investigation into NovaTech FX about?The Securities and Exchange Commission is investigating NovaTech FX as an alleged Ponzi scheme involving cryptocurrency. Operators Dap Dunbar and Corrie Sampson allegedly defrauded tens of thousands of victims of millions of dollars through fraudulent investment operations, requiring federal court intervention to compel their cooperation with subpoenas.
Who are the individuals behind the NovaTech FX scheme?
Dap Dunbar and Corrie Sampson operate NovaTech FX as co-founders of its recruitment division, Team Diamond. Dunbar, based in Florida and using aliases "Mr Amazing" and "Tiger," and Sampson, located in California, allegedly orchestrated the fraudulent operation that extracted at least $50 million from approximately 10,000 victims.
**How much money was allegedly stolen in the
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