**New York AG Accuses Couple of Operating Cryptocurrency Pyramid Schemes Worth $1 Billion**

**New York AG Accuses Couple of Operating Cryptocurrency Pyramid Schemes Worth $1 Billion**

The New York Attorney General's Office (NYAG) has filed charges against a couple, Cynthia and Eddy Petion, for running fraudulent cryptocurrency pyramid schemes known as AWS Mining and NovaTechFX, as reported by Coindesk. The couple allegedly targeted Haitian immigrants living in the United States, and the schemes are believed to have amassed over $1 billion. According to the NYAG, the Petions enticed investors with promises of high returns on their cryptocurrency investments. However, the schemes operated on a Ponzi-like structure, where new investor funds were used to pay earlier investors. The complaint alleges that the couple used various tactics to deceive investors, including making false claims about their experience and expertise in cryptocurrency trading. They also allegedly pressured investors to recruit new members, further expanding the network of victims. The NYAG's investigation revealed that the Petions diverted investor funds for personal use, including purchasing luxury vehicles and real estate. The couple is facing multiple charges, including grand larceny, scheme to defraud, and money laundering. The arrest of the Petions serves as a reminder of the risks associated with investing in unregulated cryptocurrency schemes. Investors are urged to exercise caution and conduct thorough research before committing funds to any cryptocurrency venture.