Former BitConnect Promoter John Bigatton Convicted in Australia

Former BitConnect promoter John Bigatton has been convicted in Australia for providing unlicensed financial advice. Bigatton was sentenced to a three-year recognizance of good behavior and disqualified from managing corporations for five years. From August 2017 to January 2018, he promoted BitConnect through seminars and social media, offering financial advice without proper authorization. BitConnect was a crypto Ponzi scheme that promised high returns to investors who acquired BitConnect Coin (BCC). The Australian Securities and Investment Commission (ASIC) froze Bigatton’s assets, including his crypto holdings, in 2018. The ongoing proceedings are now overseen by the Australian Federal Police under the Proceeds of Crime Act. Bigatton had previously been banned by ASIC from providing financial services for seven years and pleaded guilty to one count of providing unlicensed financial advice in May.