Reported 6 months ago
New York Attorney General Letitia James has filed a lawsuit against two cryptocurrency companies and their promoters for defrauding over $1 billion from hundreds of thousands of victims, particularly targeting immigrant communities by preying on their religious faith. The lawsuit alleges that investors were promised weekly profits but only a fraction of the funds were used for trading, with the defendants accused of running pyramid and Ponzi schemes to deceive investors. The defendants, including the co-founders of NovaTech, allegedly targeted victims through prayer groups, social media, and WhatsApp, leading to significant financial losses for many individuals. James aims to obtain restitution for victims, impose civil damages, and secure a ban on the defendants from the securities industry.
Source: YAHOO