Overview:
New York Attorney General Letitia James announced nearly $6 million in settlements with four promoters of cryptocurrency investment schemes that targeted Haitian and other immigrant communities. The promoters are permanently barred from working in the securities, commodities and cryptocurrency industries. More than 11,000 New Yorkers invested in the schemes, which authorities say caused tens of millions of dollars in losses.
New York Attorney General Letitia James has secured nearly $6 million from four promoters of cryptocurrency investment schemes that targeted Haitian and other immigrant communities, including through church prayer groups, social media and WhatsApp messages, her office announced on Thursday.
The four promoters — Martin Zizi, Frantz Ciceron, Ricardo Roy Sr. and James Corbett — agreed to pay a combined $5.98 million.
The settlements are part of a 2024 lawsuit against cryptocurrency companies NovaTechFx and AWS Mining Pty Ltd., whose operators defrauded hundreds of thousands of investors worldwide.
Alleged fraudster allegedly called targets “a cult” and herself a “zookeeper” as NovaTech recruited investors
“NovaTech and AWS Mining scammed thousands of vulnerable New Yorkers by telling them they were making a safe investment when in reality, they were victims of a pyramid scheme,” James said in the statement.
“These scammers targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings.”
More than 11,000 New Yorkers invested in the schemes and lost tens of millions of dollars, according to a press release from the attorney general’s office. Investors lived across New York City, Long Island, Westchester and Rockland and Orange counties.
Under the settlements, the four promoters will pay the following amounts:
- Martin Zizi: $2.9 million
- Frantz Ciceron: $2.05 million
- James Corbett: $750,000
- Ricardo Roy Sr.: $275,861
The money is intended to benefit victims of the schemes, according to the attorney general’s office.
State officials accused the promoters of making false or misleading statements about investment opportunities, operating as unregistered brokers and participating in illegal pyramid schemes.
