An individual promoting NovaTech FX has been served a cease and desist order for securities fraud by Ohio authorities.
Steven Douglas Alexander from Cincinnati is named as a Respondent in the directive issued by the Ohio Division of Securities on March 22nd.
The MLM crypto Ponzi operation NovaTech FX was established in 2019 by Cynthia and Eddy Petion.
In February 2023, NovaTech FX disintegrated, and the Petions have since disappeared.
Investigations into Alexander’s activities by the ODS commenced at the tail end of 2023, revealing that he had been advertising NovaTech FX from April 2022 until January 2023.
[Alexander] engaged in the direct or indirect sales of securities within NovaTech to individuals from Ohio and recruited investors such as MM, TS, and WR, during the period from April 2022 through January 2023, thereby earning referral compensations.
It is noted that four individuals who succumbed to Alexander’s promotion injected $4950 into NovaTech FX.
Both NovaTechFX and Alexander lack the necessary registration to deal in securities in the state of Ohio.
On the 25th of January, ODS apprised Alexander of an imminent cease and desist, permitting him a chance to offer an anticipatory reply.
Alexander neglected to address the communication from ODS.
The ODS inquiry concluded that the NovaTech FX investment offerings qualify as “securities” per Ohio’s securities statutes.
Hence, as a promoter for NovaTech FX, Steven Alexander was also found to be endorsing unregistered securities.
[Alexander] transgressed R.C.1717.44(A)(2) by acting as a securities investment advisor without proper authorization from the Division, with the anticipation of financial gain.
[Alexander] offended R.C. 1707.44(C)(1), through the offer or sale of a security not duly registered for transaction within or from Ohio.
Based on these determinations, ODS mandated Alexander to desist from perpetrating further infringements related to securities fraud as of March 22nd.
Previously engaged in the roofing and construction industry, Alexander shifted his focus to promoting MLM crypto Ponzi schemes.
Alexander assumed the persona of “the crypto cowboy” as he ventured into the realm of cryptocurrency fraud.
“Cincy Group” marketing meet-ups were organized and addressed by Alexander in Ohio.
The exact sum of money Alexander pilfered through NovaTech FX has yet to be ascertained.
NovaTech FX has been subjected to fraud alerts by several jurisdictions outside of Ohio, including Massachusetts, Russia, California, Canada, Wisconsin, and Washington.
Additionally, the SEC has recently verified that a federal fraud probe regarding NovaTech FX and the Petions is active.