The SEC has charged NovaTech Ltd. and its founders, Cynthia and Eddy Petion, with operating a $650 million cryptocurrency pyramid scheme. The scheme allegedly used a multi-level marketing model to deceive over 200,000 investors worldwide, promising secure returns from digital assets and forex trading. Instead, most funds were redirected to pay earlier investors and promoters, with minimal funds actually traded. The SEC's complaint was filed in the Southern District of New York, marking a significant crackdown on fraudulent crypto schemes.