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 capitalization of more than $2.5 billion in Dec, 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 five 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 two 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 three times the proceeds derived from the commission of the offence.
ASIC alleges that Bigatton served as a Australian National Representative of an online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform between Aug 14, 2017 and Jan 18, 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 Nov 2020, at which time the matter was adjourned for further mention on Feb 2, 2021.
On Sep 1, 2020, Bigatton was banned from providing financial services for seven years.
Reprinted from Leaprate, the copyright all reserved by the original author.
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