The Australian Securities and Investment Commission has announced the arrest of an Australian promoter connected to Btconnect, and he could face up to about 47 years in jail time.
According to a statement from the Australian Securities and Investment Commission (ASIC), it has arrested and subsequently charged the Australian national to court. In the report, the Australian national was a former promoter of the now-defunct BitConnect platform and charged for his involvement in the Ponzi scheme that saw the platform earn billions of dollars illegally. In their updated statement, the ASIC said that the commission had charged the suspect, John Louis Anthony Bigatton, for his crimes.
Bigatton was involved with the platform for two years
The suspect in question was said to be an employee and a promoter of the platform for close to a year as he worked for Bitconnect from 2017 to 2018. In their official statement, the ASIC specifically thanked the United States Federal Bureau of Investigation for their help and involvement in the investigation.
Notably, the FBI played an integral role in the apprehension and arrest of the Australian national by the ASIC. In his charge sheet, prosecutors say that Bigatton has been charged on four counts of making misleading and wrong statements that influenced market decisions, another count of using and promoting an unregistered business venture.
Also read:Bigatton has also been charged with one count of providing regulators and law enforcement agencies with fake records of unlicensed services. Prosecutors say that the promoter could be looking at a long time behind bars, possibly a life sentence. Bigatton is presently 52 years old.
He would be slammed a maximum of 10 years imprisonment for all the counts related to obtaining under pretenses and up to 5 years imprisonment for the remaining charges. If Bigatton eventually gets all these jail terms, it means he would spend nothing less than 47 years in jail.
Bigatton earned close to $100,000 for his role in the scam
Trouble started for Bigatton in September when the ASIC banned him from providing financial services whatsoever across the country for seven years. Stating its reason for the ban, the regulatory body discovered that the suspect was not adequately trained and was not competent enough to offer any financial services.
Bitconnect will eventually go down in history as one of the biggest and largest crypto Ponzi schemes worldwide. According to authorities, the platform’s modus operandi was to offer its investors massive returns while lending out the native token of the website.
After duping thousands of its investors of close to $2.5 billion, the Texas State Securities Board slammed the platform with a cease and desist order, which led to the platform shutting down in 2018. After the platform was forced to shut down, Bigatton was charged for his involvement in the platform.
While the investigation was ongoing, the Federal Court in Australia ordered that his financials be frozen and placed a travel ban on Bigatton. Investigators claimed that the Australian national also earned close to $100,000 while he was involved in the platform’s activities.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.