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In today's daily recap - a promoter of Bitconnect has been convicted. More details in this article.
John Bigatton has been convicted for unlicensed financial advice, impacting the credibility of Australias financial sector.
Two months after pleading guilty, BitConnects national promoter in Australia, John Bigatton, was convicted by the court for providing unlicensed financial advice. He was subsequently released on a recognisance of good behaviour for three years.
The Australian courts decision on Friday came after Bigatton pleaded guilty in May for his role in promoting the cryptocurrency scam to retail investors in the country. He promoted the fraudulent scheme on social media, hosted seminars across the country, and had face-to-face meetings with victims, persuading them to invest in the scheme.
Licensing Is a Must
The Australian Securities and Investments Commission (ASIC), which indicted Bigatton, reiterated that many crypto assets are financial products, and even seminars and promotions around them would require a licence.
Providing unlicensed financial advice denies Australian investors access to key protections and undermines trust and confidence in Australias financial services industry, said ASICs Deputy Chair, Sarah Court. ASIC is committed to taking action against the unlawful promotion of high-risk digital assets to protect Australian investors.
This matter sends a clear message to Australians: that ASIC has and will act when unlicensed operators try to take advantage of Australian investors.
A $2.4 Billion Scam
Although the case has been legally framed around unlicensed financial activities, BitConnect was a massive scam. The scheme lured victims with absurdly high fixed interest rates.
BitConnect promoted its scheme heavily worldwide in 2016 and 2017. It incentivized invites and referrals to expand its network of investorsor rather, victims. The crypto scheme suddenly evaporated in 2018, and its websites and social media handles disappeared. This led to investigations by agencies in several countries.
The scam is estimated to have duped its investors out of approximately AU$2.4 billion globally.
According to ASIC, Bigatton promoted BitConnect locally in Australia, including its lending platform and tokens. He conducted four seminars nationwide and promoted it with two social media posts.
He claimed that BitConnect Coins would increase in value to at least US$1,000 and the scheme was better than any term deposit.
[The] offending involved a breach of trust in that the recipients of the financial product advice were entitled to have an expectation that they were receiving advice from a sufficiently licensed and regulated individual, the Aussie Judge stated.
This article was written by Arnab Shome at www.financemagnates.com.
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John Bigatton, a Sydney man, has admitted guilt to promoting a cryptocurrency Ponzi scheme that swindled investors out of a staggering $3.6 billion. Bigatton, from Carss Park in New South Wales, pleaded guilty in Sydney District Court to acting as an unlicensed financial advisor while spruiking BitConnect’s Lending Platform in late 2017 and early 2018. […]
The US Treasury Department has taken action against a prominent Chinese fintech company, Huione, by revoking its access to the US banking system due to suspected ties to cryptocurrency money laundering activities. This move signifies the government’s commitment to combating financial crimes involving digital assets. Imposing sanctions on Huione demonstrates the US government’s determination to [...]
BitConnects national promoter in Australia, John Bigatton, pled guilty to his role in promoting the scam after three and a half years of his indictment. He promoted the fraudulent cryptocurrency scheme on social media, hosted seminars across the country, and had face-to-face meetings with victims, persuading them to invest in the scheme.
Bigatton pled guilty to a criminal charge of offering unlicensed financial services before the Sydney District Court on 16 May and will receive his sentence on 5 July. He is facing a monetary penalty as well as jail time of up to two years.
A $2.4 Billion Crypto Scam
BitConnect was one of the largest cryptocurrency scams, duping investors of about US$2.4 billion globally. The scheme lured victims with absurdly high fixed interest rates.
As the Australian Securities and Investment Commission (ASIC) detailed, the fraudulent scheme even offered a lending platform which was promoted as an investment opportunity. Investors needed to acquire the platforms native BitConnect coin to participate in the investment scheme. Investors could invest or loan these tokens for promised fixed returns.
However, the platform did not allow the investors to withdraw any of their loan amounts until the expiry of the lending period.
BitConnect promoted its scheme heavily in 2016 and 2017 globally. The scheme incentivised invites and referrals to grow its network of investors or, rather, victims. The crypto scheme suddenly evaporated in 2018, with the disappearance of its websites and social media handles, leading to investigations by agencies in several countries.
Promoting BitConnect in Australia
Bigatton, the Australian promoter of the scheme, promoted BitConnect locally in the country. According to ASIC, he promoted the scheme, its lending platform, and tokens. He conducted four seminars across the country and promoted the scheme with two social media posts.
Although it is unclear if Bigatton was aware of the scheme's fraudulent nature, ASIC indicted him for offering financial services products without holding a licence. ASIC's first action against the Aussie BitConnect promoter was to ban him from providing financial services for seven years. He was later arrested for his role in promoting the scheme.
A related charge of operating an unregistered managed investment scheme was withdrawn following Mr Bigatton pleading guilty to the charge for which he is to be sentenced, the regulator noted.
Meanwhile, the US securities market regulator indicted BitConnects founder, Satish Kumbhani, and its top US promoter, Glenn Arcaro, and subsequently obtained a judgment for recovery and civil penalties. The US agencies also settled with other BitConnect promoters.
Last year, a San Diego federal district court ordered the distribution of over $17 million in restitution among 800 victims of BitConnect across over 40 countries.
This article was written by Arnab Shome at www.financemagnates.com.
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