According to Cointelegraph, the New York Attorney General has filed a request seeking $1.37 billion in restitution from the founders of NovaTech following a Ponzi scheme investigation. The request stems from actions taken after an August 2025 default judgment was entered against the company and its associated entities.
In addition to the larger claim against the founders, the AG announced settlements totaling nearly $6 million with four individuals identified as promoters linked to NovaTech’s operations. These settlements relate to separate conduct involving those promoters and are part of the overall enforcement response.
The development follows formal legal proceedings initiated by the attorney general’s office, which has been examining NovaTech’s business practices since concerns were raised about how funds were collected and allocated to participants. No details were provided regarding ongoing criminal charges, regulatory violations beyond the settlement context, or timelines for implementation of the requested restitution.
The AG’s request does not specify enforcement mechanisms such as asset seizure or court-ordered transfers; it refers only to seeking the amount owed through standard civil processes. Representatives for NovaTech have not been quoted in public statements related to this matter.
