ASIC Proves Involvement of Bigatton in Crypto Ponzi Scheme

Vandana  |  Nov 18, 2020

The Australian Securities and Investments Commission (ASIC) has now proved the involvement of John Louis Anthony Bigatton in the crypto ponzi scheme. He is an Australian national and a former representative of BitConnect, which was one of the biggest ponzi schemes in the crypto sector. The Commonwealth Director of Public Prosecutions has imposed charges on Bigatton as his involvement is evident through the investigation performed by ASIC. 

ASIC Claims Bigatton’s Involvement With BitConnect From 2017 to 2018

ASIC gave its official statement on November 17, 2020, and stated that Bigatton was working with BitConnect from 2017 to 2018. He is now charged for giving false statements in court and will be facing the maximum penalty of 10 years in prison. 

In September 2020, ASIC also banned him from providing any kind of financial services. The commission stated that he is not sufficiently trained. Hence, not capable of providing any kind of financial services. 

According to the investigation, BitConnect turned out to be one of the biggest ponzi schemes that have ever happened in the crypto sector. It has defrauded thousands of people by claiming to give high returns on their investment with them. This ponzi scheme was shut down back in 2018 after receiving orders from Texas State Securities Board. It has managed to collect around $2.5 billion from the investors. This is one of the huge amounts that has been collected in this kind of ponzi scheme.

Investigation Began in 2018

The investigation of this case has been going on for really long now as it began in 2018 only. During that time, Australia’s Federal Court had frozen his assets and imposed travel restrictions on Begatton. According to an ASIC investigation, he has managed to earn up to $100,000 from the ponzi scheme. The investigation is still open as the authorities are now trying to solve the mystery of the disappearance of Bigatton’s wife in March 2018.

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