Problem Novatechfx

[Johan Olwage]

Has anyone here come across this broker?
Initially from St. Vincent and the Grenadines they started a PAMM account under the cover of being a broker that eventually imploded earlier this year under what appears to be a "ponzi" kind of scheme. They have now resurfaced under Novatechfx_uk (https://novatechfx.uk.com/home/). Under this new guise they promise to pay out victims from the first failure (after a 30% deposit to secure transfer of funds, is made).
I am a victim who was eventually blocked from their Telegram Group after I made too much fuss about my withdrawal not being paid out as per their published procedure. https://t.me/novatechfx_news . They also have a so called "moderator" who leaves the conversation once one starts asking about why withdrawals are not being paid out. https://t.me/Novatechmoderator
I would love to find out who is behind this all.

 

[Bodisatva]

I am also a victim of this scam. The company was started by Cynthia and Eddy Petion. I think she has a brother who is also involved. They claimed to be a registered hedge fund in the US, registered brokers and investment advisors. ALL FALSE. They claimed to have experienced traders using the latest AI to trade forex and crypto markets. They had over three years of trading results to show...I invested, followed their rules, got great results on paper, then I found out they were issued a Cease and Desist order from the California Department of Financial Protection and Innovation. (DFPI) I believe they also got in trouble in Canada. So all my withdrawal requests were denied, and communication ceased. These 2 have houses just outside Miami. I was working near there, and drove by to say "hi"...no one answered the door. Not sure if I should file a complaint with the FBI? SEC? Attorney General?

 

[FxMaster]

I am also a victim of this scam. The company was started by Cynthia and Eddy Petion. I think she has a brother who is also involved. They claimed to be a registered hedge fund in the US, registered brokers and investment advisors. ALL FALSE. They claimed to have experienced traders using the latest AI to trade forex and crypto markets. They had over three years of trading results to show...I invested, followed their rules, got great results on paper, then I found out they were issued a Cease and Desist order from the California Department of Financial Protection and Innovation. (DFPI) I believe they also got in trouble in Canada. So all my withdrawal requests were denied, and communication ceased. These 2 have houses just outside Miami. I was working near there, and drove by to say "hi"...no one answered the door. Not sure if I should file a complaint with the FBI? SEC? Attorney General?

If you are having a severe problem with a company, you should open your own thread in Financial Company Comparisons and Discussions
and give details (make sure to choose "prefix" as a problem).

Why your own thread?

1. If the person who started this thread has their issue resolved, it will be marked as resolved.

2. Your thread can have a link from your review. This makes your issue more visible.

3. Issues can be different. Having your own thread makes getting advice specific to resolving your issue easier.

 

[The Punisher]

These scams are called Pig Butchering and are ran by criminal Chinese in compounds located in Cambodia, Laos and Myanmar. You should start by taking screen shots of all trades, transfers, chats, their website (eventually it will be shut off), etc. Then you need to file complaints with the FBI via IC3, US Secret Service, Attorney General for the State you live in, US CFTC and the FTC. If you have their pictures, phone numbers used, etc. post them in this thread as a warning to others. If they truly live in Miami, then take a picture of their house and also post it here.

DO NOT pay any fees or taxes to try and get your money back as this is part of the scam to steal more money from you. Also do not hire a recovery company as most of those companies are also ran by scammers.

 

[The Punisher]

7 Months Inside an Online Scam Labor Camp

A man was abducted by a Chinese gang and forced to work in a scam operation. He gathered financial information, photos and videos and shared the material with The New York Times.

www.nytimes.com