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.
