New York’s legal effort to address losses from the NovaTech cryptocurrency scheme has advanced as Attorney General Letitia James asks a court to impose roughly $1.3 billion in damages and disgorgement against founders Cynthia and Eddy Petion.
Alongside the larger court request regarding the founders, the October 22 announcement disclosed nearly $6 million in settlements reached with four individual promoters. These totals represent legal filings and requested amounts rather than money already recovered for victims.
The underlying case involves investment packages sold through NovaTech and a prior business known as AWS Mining. According to the attorney general, these schemes specifically targeted Haitian and other immigrant communities through social media, messaging groups, and religious networks.
Details of the Promoter Settlements
The four promoters involved in the recent settlements face permanent bans from participating in the securities, commodities, and cryptocurrency industries. The agreed-upon figures include:
- Martin Zizi: $2.9 million
- Frantz Ciceron: $2.05 million
- James Corbett: $750,000
- Ricardo Roy Sr: $275,861
The consent papers for Martin Zizi were filed in November 2025, with the recent announcement consolidating the total settlement figures rather than indicating that all agreements were signed simultaneously.
Background on the Default Judgment
The request for monetary relief is supported by an affirmation filed on October 22, noting that New York initially filed suit in June 2024. Because the defaulting defendants failed to respond or appear in court, a default order and judgment was entered on August 4, 2025.
According to court documents, the initial mining operation promised high returns and recruitment bonuses before NovaTech shifted to marketing cryptocurrency trading packages. The attorney general's office emphasizes that website account balances and familiar community connections do not guarantee that underlying assets exist, that trades occurred, or that withdrawals can be honored.
The next legal steps in the matter depend on the court's decision regarding the requested monetary relief and any subsequent asset recovery processes.
