Bitcoin

The Australian regulator bans the best BitConnect promoter for 7 years

The Australian Securities and Investment Commission ((SO C. for its acronym in English) has vetoed John Louis Anthony Bigatton, the former “Australian National Representative” of the multi-billion dollar Ponzi program, BitConnect, from provide financial services for seven years.

ASIC claims that the resident of New South Wales Advice on financial products without licensing and deception while working for BitConnect from August 2017 to January 2018.

While the investigation is ongoing, the regulator found that:

“Mr. Bigatton is not a suitable person to provide financial services: He is not adequately trained or competent to provide financial services and is likely to violate a financial services standard.”

The Australian regulator bans the best BitConnect promoter for 7 years
The Australian regulator bans the best BitConnect promoter for 7 years

Bigatton has the right to appeal the decision to the ASIC Administrative Court of Appeal.

BitConnect raised around $ 2.6 billion from investors before closing its lending platform in January 2018 and pulling back what was later referred to as the biggest exit scam in cryptocurrency history.

Australian authorities began investigating Bigatton after the platform collapsed, and the The Australian Federal Supreme Court frozen its assets in December 2018 before you impose travel restrictions the following month. It is believed that Bigatton made at least $ 100,000 by promoting the scam.

Bigatton’s wife, Madeline Bigatton, disappeared in March 2018 and is expected to The investigation into his disappearance and alleged death begins this year.

BitConnect was considered the largest Ponzi program for cryptocurrencies until the end of last year, when the OneCoin scam managed to scam investors worth around $ 4 billion.

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