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NOVATECH FX DODGES SECOND OSC TRIBUNAL HEARING
Abstract：NovaTech FX misses a second OSC Tribunal hearing in Canada amid allegations of running a Ponzi scheme. The Ontario Securities Commission is taking steps to hold the company accountable.
NovaTech FX, a company once creating waves in the financial market, has now been under the regulatory radar for dubious practices. Recently, on September 28th, NovaTech FX and Cynthia Petion were absent for a regulatory hearing in Canada. This isn't their first absence either, as they previously missed an earlier hearing in May 2023.
The hearing, which was set in response to a Statement of Allegations against NovaTech FX and Petion, was initiated by the OSC (Ontario Securities Commission). This followed reports that the company was operating a Ponzi scheme, masterminded by Petion and her husband, Eddy. As a matter of fact, as early as late 2022, NovaTech FX began experiencing withdrawal issues, which led the Petions to mysteriously disappear.
The most recent absence has led the Capital Markets Tribunal to take a firm stance. They've directed:
OSC is to serve and file a motion by November 17th, 2023.
NovaTech FX to file a response by November 24, 2023.
A subsequent hearing on this matter has been scheduled for November 27, 2023.
It's yet to be confirmed what the OSC's motion entails, but it's clear that the regulatory body is taking steps to hold NovaTech FX and Petion accountable. The OSC's actions also hint towards seeking an injunction against the company and Petion, as well as the return of illegitimately acquired profits.
Raising Awareness: Avoid Getting Scammed
The unfolding situation with NovaTech FX serves as a reminder of the importance of being cautious and doing thorough research before investing in any venture. Always:
Investigate the credentials of any company and its key people.
Avoid investments that promise unrealistically high returns.
Be wary of companies that have a history of not being transparent or missing official hearings.
Seek advice from financial experts and use reliable sources for your information.
Report any suspicious activity or inconsistencies to regulatory bodies immediately.
Remember, informed decisions are the best defense against scams. Stay safe and protect your investments.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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