Crypto Scammers Who Used Prayer Groups to Lure Victims Must Pay $1.3 Billion, Says New York

What happened: New York Attorney General Letitia James asked a judge to order NovaTech founders Cynthia and Eddy Petion and related companies to pay about $1.37 billion, after the couple fled the U.S. Why it matters: The filing follows a default judgment that already banned the Petions from the securities, commodities and crypto industries, and the four promoters are permanently barred from those industries. James said the scheme targeted immigrant and religious communities and robbed them of their life savings.

New York Attorney General Letitia James asked a judge to order NovaTech founders Cynthia and Eddy Petion and related companies to pay about $1.37 billion, after the couple fled the U.S.

The filing follows a default judgment that already banned the Petions from the securities, commodities and crypto industries, and the four promoters are permanently barred from those industries. James said the scheme targeted immigrant and religious communities and robbed them of their life savings.