New York has reached nearly $6 million in settlements in a crypto fraud case, including significant NovaTech settlements. The schemes spread through prayer groups and online chats. The schemes targeted Haitian and other communities, Attorney General Letitia James said in an Oct. 22 announcement.

The case centers on NovaTechFx, known as NovaTech, and AWS Mining. James’s office said more than 11,000 New Yorkers lost tens of millions of dollars, leading to NovaTech settlements. Four promoters agreed to payments meant to benefit victims and permanent bans from the securities, commodities and crypto industries.

What the nearly $6 million covers

The amounts announced by the state total $5,975,861:

• Martin Zizi: $2.9 million.
• Frantz Ciceron: $2.05 million.
• James Corbett: $750,000.
• Ricardo Roy Sr.: $275,861.

These are civil settlements, not criminal convictions. Each agreement says the person settling neither admits nor denies the state’s allegations or findings. The payments are called disgorgement, a legal term for giving up money gained through alleged wrongdoing.

The total does not mean that nearly $6 million has already reached victims. Payment terms vary. Ciceron’s agreement includes money due to him from a separate court case. It also calls for $1.35 million in other payments. Corbett’s agreement has a payment plan, with much of the balance tied to his future income. The announcement does not give a victim payment schedule or a new claims deadline.

How trust became a sales tool

In its June 2024 lawsuit announcement, the attorney general’s office described a pitch built around faith, language and the hope of financial security. Promoters reached Haitian investors through prayer groups, WhatsApp chats, Haitian Creole ads and religious messages.

AWS Mining offered big monthly returns and bonuses for bringing in more investors, the state said. It collapsed in 2019. Cynthia and Eddy Petion then started NovaTech, which promised high returns, recruitment bonuses and access to investors’ money at any time.

The state said NovaTech advertised weekly trading gains of about 2% to 4%. But the supposed profits came from other investors’ deposits, rather than trading gains. That is the pattern of a Ponzi scheme. Recruitment rewards were also a key part of the state’s pyramid-scheme claims.

A separate request for more than $1.3 billion

James is also asking the court to set a much larger payment by the Petions and related companies. That request is separate from the four promoter settlements.

The state’s Oct. 22 court filing says the court entered a default judgment against those defendants on Aug. 4, 2025. They had failed to respond to the lawsuit. The court found them liable and imposed industry bans. It left the amount of money owed to a later review.

The new filing asks for more than $1.3 billion, including interest, for the NovaTech fraud. It also seeks payments linked to AWS Mining. The state says NovaTech took in more than $1.16 billion through one payment processor. Only about $26 million went to its trading platform. The amount requested is not a new award already issued or cash already recovered.

What Mohawk Valley readers can do

The announcement does not identify victims in Utica or Oneida County. Its warning still applies here: a shared faith, language or friendship is not proof that an investment is safe.

The Federal Trade Commission warns against promises of guaranteed profits. Claims of easy, risk-free crypto returns are also signs of a scam. Before sending money, search the seller’s and company’s names with words such as “scam” or “complaint.” Ask where the money goes and how the investment works.

• Report the loss. New Yorkers can use the attorney general’s finance and investment complaint page. Federal reports can go to ReportFraud.ftc.gov and the FBI’s Internet Crime Complaint Center.
• Contact the exchange. Tell the crypto exchange used to send the money what happened. Crypto payments usually cannot be reversed, the FTC says, so recovery is not guaranteed.
• Watch for a second scam. Do not pay someone who contacts you and promises to recover lost money for an upfront fee. Verify any claimed government contact through an official website, not the phone number in the message.

The FTC’s recovery-scam guidance warns that people who have already lost money may be targeted again. Filing a report can help investigators. It does not guarantee a refund or automatically enroll someone in a settlement payment program.