Stan Richards’ $5.9 million NovaTech FX penalty upheld by Maryland court
NovaTech FX Ponzi promoter Stanley Richards has had a $5.9 million fine upheld in a Maryland Circuit Court.
NovaTech FX was an MLM crypto Ponzi run by Cynthia and Eddie Petion. Richards, more commonly known as Stan Richards, was a top NovaTech FX promoter across Maryland.
Richards reached the rank of “Senior Director”, meaning he’d generated at least $25 million in investment for NovaTech FX.
Social media posts from Richards, which are still available, place him inside a “Presidents Club” within “Team Legacy Builders”.
Following an internal investigation, the Maryland Securities Division issued Richards a $5.92 million fine in July 2025. Richards wasn’t happy about Maryland calling him out on his fraud and requested a judicial review.
On review, Richards’ $5.92 million judgment was upheld on or around September 17th.
Launched in 2019, NovaTech FX went on to collapse in February 2023. The SEC filed suit against NovaTech FX in August 2024, by which time the Petions had fled the US for Panama.
The SEC has pegged NovaTech FX investor losses at $650 million. The upper range of that estimate is over $1 billion.
Citing “NovaTech records”, the Maryland Securities Division claims Maryland residents lost “approximately” $37 million.
The Maryland Securities Division also fined the Petions $110 million in July 2025.
Stan Richards is still active on social media and today promotes Think+ (aka Think Energy).
A June 2026 post on FaceBook has a flyer citing Richards as a Think+ “Senior Advisor”, the second promoter rank within the company.
World Affairs Correspondent
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