The Australian Securities and Investments Commission (ASIC) has announced the former Australian promoter of BitConnect has been charged for his involvement in the folded cryptocurrency project that was accused of scamming millions out of investors.
ASIC said John Louis Anthony Bigatton promoted the cryptocurrency platform before its collapse in early 2018, alleging the man from Carss Park in NSW was the Australian national promoter of Bitconnect from around 14 August 2017 to 18 January 2018.
It is really a nice shot for the Australian government because they have shown to everyone that their law and jurisdiction also covers the cryptocurrency world. On the news regarding Bigatton, this will definitely threaten other crypto scammers that in no time they will still be accountable for all fraudulent activities that they made in the past which could possibly lead them into jail as well.
ASIC alleges 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.
It's good to see that those behind this crypto scam are now being charge. And it seems that Bigatton really involved himself here, knowing or unknowingly part of the scam as he himself led seminars and mislead crypto investors that time.
It also says that in total of four charges against him, 10 years imprisonment and a fine of AU$945,000. Oh well, at least justice could be served here.