Global authorities are still going after the conspirators of BitConnect, the biggest crypto Ponzi scheme that pulled off leaving a bad reputation for the nascent cryptocurrency industry. Today in Australia, the national corporate regulator, ASIC (Australian Securities and Investments Commission), charged John Louis Anthony Bigatton, who was responsible for promoting BitConnect in the country.
ASIC Unseal Charges Former Australian BitConnect Promoter
Per the information, the regulator unsealed several counts against Bigatton, who’s precisely based in Carss Park, New South Wales. The charges included one count of operating an unregistered managed investment scheme, which attracts a fine of $42,000 or five years imprisonment. Among other charges, the former BitConnect was accused of running unregistered financial services on behalf of someone else. The charge itself attracts a fine of $42,000 or two years imprisonments.
The development today follows ASIC long-running investigations into the matter. Bigatton reportedly began promoting the crypto Ponzi scheme in the country between August 2017 to January 18, 2018. According to the regulator, he conducted several seminars across the country in the promotion of BitConnect, which ASIC said was an unregistered investment scheme. The matter today is being prosecuted by the Commonwealth Director of Public Prosecutions. The next court hearing is slated to hold on February 2, 2021.
It’s also worth noting that Bigatton was banned from traveling abroad last year due to his role in promoting the crypto Ponzi scheme. In addition to being enlisted on the Exit Control List (ECL), all his funds, including his assets, were frozen as requested by the regulator.
BitConnect Bust
BitConnect collapse came as a heavy blow for the cryptocurrency industry. The crypto investment scheme pulled out on the investors about two years ago, with over $2.5 billion lost in crypto assets. It was such a hard pill for many invested persons to swallow, which also raised a red flag for the industry at the time.