The ASIC [Australian Securities & Investments Commission] has banned John Louis Anthony Bigatton, the former ‘Australian National Representative’ of the MLM cryptocurrency Ponzi scheme BitConnect, from offering financial services for 7-years.
ASIC asserts that the New South Wales resident offered unlicensed financial product advice & engaged in misleading and deceptive conduct while working for BitConnect from August 2017 via January 2018.
While an investigation remains ongoing, the regulator has found that:
“Mr. Bigatton isn’t a fit & proper person to offer financial services: isn’t adequately trained, nor competent, to offer a financial service or financial services, and is probably going to contravene a financial services law.”
Bigatton has the right to appeal the choice with ASIC’s Administrative Appeals Tribunal.
BitConnect summed roughly $2.6 Bln from investors before terminating its lending platform earlier in January 2018 & pulling what has then described a the largest exit scam within cryptocurrency’s history.
Australian authorities began investigating Bigatton after the platform’s collapse, with the court of Australia freezing his assets earlier in December 2018 prior to placing travel restrictions on him the subsequent month. Biggaton is believed to have earned around $100k via promoting the scam.
Biggaton’s wife, Madeline Bigatton, disappeared earlier in March 2018, with an inquest into her disappearance and suspected death expected to commence this year.
BitConnect was believed to be cryptocurrency largest Ponzi until late last year when the OneCoin scam succeeded in defrauding investors out of roughly $4 Bln.