Menu

ASIC brings charges to former BitConnect promoter John Bigatton



ASIC announced that former BitConnect Australian national promoter, John Louis Anthony Bigatton, has been charged following an ASIC investigation.

Before its collapse in early 2018, Bigatton promoted the online cryptocurrency platform BitConnect. It is estimated that BitConnect had a market capitalisation of more than US$2.5 billion in December 2017.

The Australia watchdog stated that following its investigation, Bigatton was charged with operating an unregistered managed investment scheme for which the maximum penalty is 5 years imprisonment and/or a fine of $42,000. Bigatton was also charged with providing unlicensed financial services on behalf of another person for which the maximum penalty is 2 years imprisonment and/or a fine of $42,000. He was also charged with four counts of making false or misleading statement affecting market participation, carrying a maximum penalty for each charge of 10 years imprisonment and/or a fine of $945,000, or a fine of 3 times the proceeds derived from the commission of the offence.

ASIC

ASIC alleges that Bigatton served as a Australian National Representative of an online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform between 14 August 2017 and 18 January 2018.

ASIC claims Bigatton operated an unregistered managed investment scheme known as the BitConnect Lending Platform in Australia and that he provided unlicensed financial advice on behalf of another person in, amongst other things, seminars he conducted at various locations around Australia.

ASIC further claims that during four seminars conducted by Bigatton, he made false or misleading statements which were likely to induce investors to apply for, or acquire, interests in the BitConnect Lending Platform.

The matter was first mentioned in the Downing Centre Local Court in November 2020, at which time the matter was adjourned for further mention on 2 February 2021.

On 1 September 2020, Bigatton was banned from providing financial services for seven years.


Read more:

arrow

ASIC brings charges to former BitConnect promoter John Bigatton

0
Send this to a friend