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New York secures $6M from NovaTech crypto promoters, but some victims’ payouts may not finish until 2030

New York is separately seeking $1.37 billion from NovaTech’s founders and related companies, while settlement documents show a lengthy path to collecting some of the money intended to benefit victims.

by Ayuba Haruna
16 minutes ago
in Crypto News
Reading Time: 3 mins read
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New York secures $6M from NovaTech crypto promoters, but some victims' payouts may not finish until 2030

New York secures $6M from NovaTech crypto promoters, but some victims' payouts may not finish until 2030

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New York Attorney General Letitia James has announced nearly $6 million in settlements with four promoters of NovaTechFx and AWS Mining, cryptocurrency investment schemes that targeted Haitian and other immigrant communities. But the agreements include payments extending to 2030, underscoring the gap between securing settlements and returning money to investors.

The October 22 announcement names Martin Zizi, Frantz Ciceron, James Corbett and Ricardo Roy Sr. All four face permanent bans from the securities, commodities and cryptocurrency industries, according to the attorney general’s office. Their announced settlements total $5,975,861.

Promoter Announced settlement
Martin Zizi $2.9 million
Frantz Ciceron $2.05 million
James Corbett $750,000
Ricardo Roy Sr. $275,861

The money is intended to benefit victims. However, the announcement does not establish that the full amount has been collected or provide a timetable for distributing it. More than 11,000 New Yorkers lost tens of millions of dollars through the schemes, the attorney general’s office said.

Payment terms extend beyond the announcement

Corbett’s agreement illustrates how long collection could take.

The first $200,000 of his settlement is scheduled in eight payments of $25,000, beginning April 1, 2027, and ending July 1, 2030.

Payment of the remaining $550,000 is tied to his income. The agreement establishes an $80,000 annual-income threshold and directs 35% of income above that level towards the unpaid balance. Outstanding amounts accrue interest at 9% annually.

Corbett must also provide financial statements twice a year. Funds he receives from settlements involving multilevel marketing companies must be paid to the attorney general’s office, up to the outstanding balance.

Ciceron’s agreement includes $1.35 million in direct payments: $850,000 due within 30 days of the court’s execution of the consent order, followed by four annual instalments of $125,000 ending in December 2029.

It also requires him and his company to surrender rights to distributions from the separate EminiFX receivership. Those distributions are to go to New York as they become available.

Zizi’s $2.9 million was scheduled in four equal payments during 2026, with the final instalment due October 1. The agreement establishes those deadlines but does not, by itself, confirm that every payment was made.

New announcement brings together earlier agreements

The settlements were reached at different stages of the case.

Roy’s agreement dates to 2024. Zizi’s stipulation is dated November 25, 2025, while Ciceron’s is dated May 14, 2026. Corbett’s stipulation is dated October 20, 2026.

The October 22 announcement therefore brings together agreements spanning more than two years, rather than four settlements signed on the same day.

New York seeks a separate $1.37 billion award

Alongside the promoter settlements, New York filed a request for $1,367,023,585 from founders Cynthia and Eddy Petion and the NovaTech-related companies.

That figure comprises approximately $1.135 billion in disgorgement—the surrender of money obtained through wrongdoing—and $232.5 million in prejudgment interest.

The request follows an August 4, 2025 default judgment after the defendants failed to respond. The court left the monetary amount for determination through written submissions. The requested $1.37 billion should therefore not be described as money already awarded or recovered.

Trading records show the gap behind the promised returns

The attorney general’s filing says investors deposited approximately $1.161 billion in cryptocurrency through NovaTech’s CoinPayments wallet.

Only about $25.995 million reached trading provider B2Broker, where traders lost approximately $18.189 million. The filing also identifies at least $134.519 million in withdrawals to wallets belonging to the Petions.

Those figures put transfers to the trading provider at roughly 2.24% of recorded investor deposits. Approximately 70% of the amount sent for trading was lost.

Prayer groups and WhatsApp helped recruit investors

New York’s original lawsuit described an operation built around community relationships, religious messaging and recruitment rewards.

AWS Mining offered cryptocurrency mining investments and promised high returns before collapsing in 2019. The Petions subsequently launched NovaTech, promoting cryptocurrency and foreign-exchange trading.

According to the attorney general’s office, NovaTech recruited through prayer groups, social media and WhatsApp, including advertisements in Haitian Creole. It claimed investors could earn approximately 2–4% a week and withdraw their money whenever they wanted.

Authorities alleged that the supposed weekly profits were fabricated and that payments came from other investors’ deposits. When NovaTech collapsed in 2023, tens of thousands of investors could no longer withdraw their cryptocurrency.

The SEC brought a separate civil case in August 2024, alleging NovaTech raised more than $650 million from over 200,000 investors worldwide. It accused promoters of continuing to recruit despite warning signs, including regulatory actions. Those figures concern the federal case and should not be added to New York’s totals.

Victims still lack a clear repayment timetable

The settlements create obligations intended to benefit investors, but their payment schedules show that collection may continue for years.

The attorney general’s announcement does not specify how much each victim could receive, when distributions would begin or whether a claims process will be required.

For investors waiting to recover their savings, the unresolved questions are how much authorities will ultimately collect—and when that money will reach them.

Tags: $6 million settlementcrypto fraudcrypto promoterscrypto scam victimsCryptocurrency Newscryptocurrency regulationinvestor compensationNew yorkNovaTechNovaTech crypto
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Ayuba Haruna

Ayuba Haruna

Ayuba Haruna is a crypto and finance writer, and also an editor with over 5 years experience. He specializes in regulatory enforcement, DeFi protocols, and market analysis, delivering rigorous, well-sourced journalism. His editorial philosophy: let the facts speak for themselves. Specific figures, named sources, and balanced perspectives over sensationalism. When he's not editing breaking news, Ayuba enjoys watching films.

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