Key takeaways:
- Judge Stacey Cobb Smith affirms $5.9 million penalty against Stanley G. Richards
- Richards recruited investors for NovaTech’s illegal pyramid scheme, as officials described it
- Maryland Securities Commissioner Melanie Senter Lubin issued show-cause and final orders
- NovaTech founders Cynthia and Eddy Petion face $110 million penalty for fraud
A Maryland judge allowed state regulators to assess a $5.9 million civil penalty against a Prince George’s County man who recruited investors to sink millions into securities from a cryptocurrency investment platform that officials described as an illegal pyramid scheme.
The fines against Stanley G. Richards, who regulators said ascended to a senior director position at…
