The Australian Securities and Investments Commission has filed criminal charges against John Louis Anthony Bigatton.

Bigatton served as an Australian Director of the infamous BitConnect Ponzi scheme.

In September ASIC hit Bigatton with a seven-year financial services ban.

Following a lengthy investigation, ASIC has now additionally charged Bigatton (right) with:

  1. one count of operating an unregistered managed investment scheme;
  2. one count of providing unlicensed financial services on behalf of another person; and
  3. four counts of making a false or misleading statement affecting market participation.

If convicted of all counts Bigatton is facing a forty-seven year prison sentence, and/or fines potentially running into the millions.

ASIC presented their case in court on November 17th. The next court hearing is scheduled for February 2nd, 2021.

Of note is ASIC acknowledging the

assistance of our domestic and international law enforcement counterparts in progressing its investigation, including the Federal Bureau of Investigation.

We’re at a bit of an awkward point now, where a regulator typically known for doing nothing (ASIC), has taken action against BitConnect scammers before US authorities.

BehindMLM first became aware of the FBI investigation into BitConnect in March 2018.

In addition to assisting Australian authorities, the FBI has also shown interest in India’s efforts to bring BitConnect scammers to justice.

Beyond that however, the status of the US authorities various investigations into BitConnect remains unclear.

Top US BitConnect executive Glenn Arcaro fled the US in January 2018. Top promoters Trevon James and Craig Grant remain at large.

James continues to promote various cryptocurrency scams on YouTube.

Craig Grant documents his bounce house business, also on YouTube. His cryptocurrency related videos have been put behind a subscribers only paywall.

 

Update 19th May 2024 – John Bigatton has pled guilty to providing unlicensed financial services on behalf of another person.