Sentencing followed long-running scheme that diverted more than $10.7 million of investor funds
The sanction is the FCA's first penalty against an auditor
NovaTech allegedly took more than US$650 million from investors globally
Order demands US$12.7 billion in disgorgement, investor restitution
Receiver rejected company's $213-million claim against flagship fund
Funds used investor capital to pay distributions
Charges followed JSOT investigation into investment scheme
New SCC ruling allows fraudsters to escape regulatory penalties via bankruptcy
Crypto claims decline, AI-related cases on the rise
Regulators' penalties don't survive bankruptcy, but disgorgement orders do, court finds