Australian Court Convicts John Bigatton for Crypto Ponzi Scheme

Australian Court Convicts John Bigatton for Unlicensed Financial Advice

John Louis Anthony Bigatton, a prominent promoter of the BitConnect Ponzi scheme, has been convicted by the Sydney District Court for providing unlicensed financial advice between 2017 and 2018, according to the Australian Securities & Investments Commission (ASIC).

In a press release dated July 15, ASIC announced that Bigatton has been released on a “recognisance to be of good behaviour for three years.” He had promoted BitConnect in Australia through seminars and social media during the specified period.

“Providing unlicensed financial advice denies Australian investors access to key protections and undermines trust and confidence in Australia’s financial services industry,”

Sarah Court, ASIC Deputy Chair

Founded in 2016, BitConnect created a token called BitConnect Coin, which could be exchanged for Bitcoin (BTC) to participate in investment opportunities. During two seminars, Bigatton claimed that BitConnect was superior to any term deposit and that BitConnect Coins would “increase in value to at least USD $1,000.”

In mid-May, Bigatton pleaded guilty to a criminal charge related to providing unlicensed financial services. He admitted to doing so on behalf of another person. Earlier in January 2023, a U.S. federal district court in San Diego ruled that over 800 victims of the BitConnect Ponzi scheme should receive a portion of the $17 million restitution recovered from the $2.4 billion scam.

Satish Kumbhani, the founder of BitConnect, was indicted in early 2022 by a U.S. court jury for his alleged role in orchestrating the international multi-billion-dollar crypto Ponzi scheme. According to a regulatory filing, Richard Primoff, an attorney for the U.S. Securities and Exchange Commission, stated that Kumbhani “has likely relocated from India to an unknown address in a foreign country.” His whereabouts remain unknown.

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