BitConnect Promoter Got Banned From Providing Financial Services

BitConnect promoter from Australia John Bigatton, has been banned from providing financial services in Australia for seven years due to his involvement with the Bitconnect Ponzi scheme as we reported in our crypto news previously.

The Australian Securities and Investment Commission banned John Luis Anthony Bigatton, former Australian National Representative and BitConnect promoter, due to his involvement in the multi-billion dollar crypto Ponzi Scheme, as he can no longer provide financial services. ASIC asserted that the New South Whales resident provided unlicensed financial product advice and also engaged in misleading conduct while working for BitConnect since 2017. The regulator found that:

 “Mr. Bigatton is not a fit and proper person to provide financial services: is not adequately trained, or is not competent, to provide a financial service or financial services, and is likely to contravene a financial services law.”

 Bigatton has the right to appeal the decision with the ASIC Administrative Appeals Tribunal as BitConnect collected more than $2.6 billion from investors before closing the lending platform in January in 2018 and pulling what seems to be the biggest exit scam in the crypto history. The Australian authorities started investigating Bigatton right after the platform collapsed with the Federal Court of Australia froze all assets in 2018 before placing travel restrictions on him one month after. Bigatton is believed to have earned about $100,000 over the promoting scam.

His wife, Madeline Bigatton, disappeared back in 2018 with an inquest into her disappearance with suspicion of her being dead and expected to commence this year. BitConnect was believed to be the biggest Ponzi scheme until last year when the OneCoin scan managed to defraud investors out of $4 billion.

As recently reported, BitConnect promoter Carlos Matos, who was among the first to promote the company since its beginnings, claims that he lost the money he invested in the company and that it was not the first time he becomes a victim. According to his YouTube videos, he says that he became a victim since 2017. Carlos Matos, apparently wanted his viewers to understand that he has been a victim to multiple scams including the Bitconnect one and lost about $100,000 of his investment. He also explains how he managed to make little money for his efforts in the company that would have made him an important figure among the Ponzi scheme investors.