{
  "id": 16185385,
  "title": "New York AG seeks $1.37B from NovaTech founders over Ponzi scheme",
  "url": "https://urgent.news/2026/10/23/new-york-ag-seeks-1-37b-from-novatech-founders-over-ponzi-scheme",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T12:33:37.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/news/new-york-ag-novatech-founders-companies-crypto-ponzi"
  },
  "original_language": "en",
  "account": "New York Attorney General Letitia James has filed a lawsuit seeking $1.37 billion from the founders of defunct crypto and forex trading platform NovaTech, along with their related companies, for allegedly running a Ponzi scheme. The lawsuit, based on a default judgment from August 2025, also seeks nearly $6 million in settlements with four promoters who recruited investors. NovaTech, which collapsed in 2023, was accused of luring over 11,000 New Yorkers who lost tens of millions of dollars. The complaint alleges that promoters targeted Haitian and other immigrant communities through prayer groups, social media, and WhatsApp. The lawsuit also seeks $6.15 million in losses related to AWS Mining, a crypto mining scheme that collapsed in 2019. The AG's office says investors deposited about $1.16 billion into NovaTech's crypto wallets between August 2019 and May 2023, with only $26 million going to the trading provider, B2Broker.",
  "summary": "The request follows an August 2025 default judgment, with the AG also announcing nearly $6 million in settlements with four promoters.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}