The SEC claims it has confirmed NovaTech FX co-founders Cynthia and Eddie Petion will not be in Dubai.
NovaTech FX was an MLM buying and selling bot Ponzi that collapsed in 2023.
The SEC filed NovaTech FX civil fraud fees in August 2024. Investor losses have been pegged at over $650 million.
As per a January ninth filed Amended Movement from the SEC;
The SEC workers has not obtained any info indicating a selected handle within the UAE at which the Petions or NovaTech could possibly be served.
On the SEC’s request, the Division of Justice’s Workplace of International Litigation retained native counsel within the UAE to aim to find the International Defendants.
UAE native counsel carried out a search that signifies primarily based on immigration data that:
(1) the Petions will not be at the moment within the UAE, and
(2) the Petions final departed the UAE in April 2019 and haven’t returned.
After NovaTech FX collapsed the Petions fled to Panama. It’s doubtless the Petions are hiding there however, as of February 2026, the SEC can’t verify.
The Petions could also be residing at an unknown handle in Panama, however the SEC can’t verify whether or not they’re in Panama or someplace else.
The SEC’s Amended Movement follows denial of permission to impact service on the Petions in Dubai final September.
With the above new info in hand, in its Amended Movement the SEC as an alternative, while acknowledging it hadn’t confirmed the place the Petions had been hiding, to impact service over WhatsApp and a created web site.
The court docket granted the SEC’s Amended Movement on January thirtieth. The SEC confirmed alternate service on Nova Tech LTD. and the Petions on February sixth.
NovaTech FX as a defunct entity and the Petions have till February twenty seventh to file a solution to the SEC’s Criticism.
