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Cryptocurrency News Articles
Bitconnect Promoter Convicted | Key Points | July 16, 2024
Jul 16, 2024 at 09:29 am
Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today's recap: Bitconnect.
A promoter of the defunct Bitconnect platform has been convicted for providing unlicensed financial advice.
John Bigatton, a 34-year-old resident of Sydney, Australia, was found guilty of two counts of carrying on a financial services business without a license by the Downing Centre Local Court on Friday, July 15.
Bitconnect was a cryptocurrency investment platform that was launched in 2016. It offered a digital token called BitConnect Coin, which could be exchanged for Bitcoin. The platform also offered a lending program that promised investors daily returns of up to 2%.
ASIC Deputy Chair Sarah Court said in a statement on Monday, July 17 that the regulator’s investigation found that Bigatton provided unlicensed financial advice to at least 10 people between March 2021 and January 2022.
“Mr. Bigatton promoted Bitconnect as a get-rich-quick scheme, offering financial advice without a license and ultimately contributing to substantial losses for many Australians,” Court said.
“Unlicensed financial advice erodes trust in Australia’s financial services industry and can have devastating consequences for the community. ASIC will continue to take action against those who provide unlicensed financial advice and unlicensed financial services.”
Bigatton was arrested by the Australian Federal Police in February 2022 following an investigation by the Australian Securities and Investments Commission (ASIC). He was charged with two counts of carrying on a financial services business without a license, contrary to section 911A(1) of the Corporations Act 2001 (Cth).
The matter was prosecuted by the Commonwealth Director of Public Prosecutions (CDPP).
Bitconnect’s founder, Satish Kumbhani, was sued by the U.S. Securities and Exchange Commission (SEC) in 2021 for fraudulently raising $2 billion in a crypto scheme. Kumbhani, an Indian national, is still at large.
According to the SEC, Kumbhani and his associates misled investors about Bitconnect’s digital asset lending operations and fabricated a team of licensed financial professionals. The SEC also accused Kumbhani of failing to register the offering with the agency.
“Kumbhani’s fraud spanned the globe and cheated investors out of billions of dollars,” said Gurbir Grewal, Director of the SEC’s Division of Enforcement, in a statement at the time.
“We will continue to work tirelessly to hold bad actors accountable and protect investors from these types of schemes.”
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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