18 Nov 2020
The Australian man accused of running the local arm of an alleged cryptocurrency Ponzi scheme that torched $US2.5 billion ($3.4 billion) of investment worldwide has been charged with offences that carry jail terms of up to ten years.
John Louis Anthony Bigatton, first reported in early 2019 by The Age and The Sydney Morning Herald as the alleged Australian promoter of BitConnect, was charged with a range of offences following an investigation by the Australian Securities and Investments Commission.
The United States’ Federal Bureau of Investigation assisted ASIC in its investigation, the regulator said.
Mr Bigatton’s charges were announced as ASIC comes under increasing pressure over the large number of high-risk online investment platforms that have been subject to either a large number of consumer complaints or allegations of unconscionable conduct.
BitConnect was an online currency platform with a market capitalisation of $US2.5 billion. It held glitzy events around the world that showcased the benefits of investing in its platform, including large seminars in Australia. One video of a conference shows money raining from the sky as the Star Wars theme plays.
By Sarah Dancket, The Sydney Morning Herald, 17, November 2020
Read more at The Sydney Morning Herald
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet