National Representative of BitConnect is banned from working in financial services in Australia.

The Australian financial regulator ban BitConnect's frontman John Bigatton from working in financial services for the next seven years.

The Australian Securities and Investment Commission (ASIC) announced that it had issued the ban on the one-time National Representative of BitConnect, John Bigatton, following the scheme’s collapse, which left investors AU $ 3.7 billion out of pocket. Instrumental in the BitConnect scam, Bigatton has been described as a “born salesman,” and was the subject of an investigation by the Australian regulator for a number of months since the collapse. BitConnect has been described as a “Ponzi scheme,” which saw a number of Australian residents lose substantial sums of money. 

 

John Bigatton gave unlicensed financial advice. 

John Bigatton served as the National Representative for Australia from August 2017 to January 2018, during which time many investors were duped into losing their life savings. According to the financial regulator, John Bigatton gave unlicensed financial advice while misleading many investors about the integrity and offer from BitConnect. The regulator decided Bigatton was not a fit and proper person to provide financial services while finding he lacked the training and competence for the job. The BitConnect scam has led to billions in losses from unsuspecting investors. 

 

The investigation into the Bigatton case remains ongoing.

The Australian Securities and Investment Commission have revealed the investigation into Bigatton remains ongoing. The decision is the culmination of an investigation into Bigatton, which saw the freezing of his assets last year, alongside a travel ban imposed by the Federal Court of Australia. John now can appeal the findings before the Administrative Appeals Tribunal, should he choose to do so. The case of BitConnect serves as a warning to crypto investors to be wary, especially around investments that promise quick and unrealistic returns. The BitConnect scam has led to billions in losses from unsuspecting investors worldwide. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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