ASIC Charges Crypto Scam Promoter John Bigatton

​The Australian Securities and Investments Commission (ASIC) recently announced that former BitConnect Australian national promoter, John Louis Anthony Bigatton, of Carss Park, New South Wales, has been charged following an ASIC investigation.

The Australia watchdog stated that Mr Bigatton promoted the online cryptocurrency platform, BitConnect, before its collapse in early 2018. It is estimated that BitConnect had a market capitalisation of over US$2.5 billion in December 2017.

ASIC charged Bigatton with one count of operating an unregistered investment scheme, one count of providing unlicensed financial services, and four counts of making a false or misleading statement affecting market participation.

ASIC alleges Mr Bigatton operated an unregistered managed investment scheme known as the BitConnect Lending Platform in Australia and that he provided unlicensed financial advice on behalf of another person in, amongst other things, seminars he conducted at various locations around Australia.

ASIC further alleges that during four seminars conducted by Mr Bigatton, he made false or misleading statements which were likely to induce investors to apply for, or acquire, interests in the BitConnect Lending Platform.

The matter was first mentioned in the Downing Centre Local Court on 17 November 2020, at which time the matter was adjourned for further mention on 2 February 2021.