Ponzi

Richard

Bitconnect

BitConnect

Coin

Australian court convicts John Bigatton, BitConnect promoter, of providing unlicensed financial advice between 2017 and 2018. 
Aussie John Louis Anthony Bigatton, the national promoter of the <a href="https://crypto.news/tag/bitconnect/" target="_blank" rel="noreferrer noopener">BitConnect</a> Ponzi scheme, has been convicted by the Sydney District Court of providing unlicensed financial advice, the Australian Securities &amp; Investments Commission (<a href="https://crypto.news/tag/asic/" target="_blank" rel="noreferrer noopener">ASIC)</a> said on Monday. 
In the Jul. 15 press release, the regulator said that Bigatton was released on a “recognisance to be of good behaviour for three years” after promoting BitConnect in Australia “in seminars and on social media” between late 2017 and early 2018. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Providing unlicensed financial advice denies Australian investors access to key protections and undermines trust and confidence in Australia’s financial services industry.” 
 ASIC deputy chair Sarah Court 
</blockquote> 
Founded in 2016, BitConnect created a token called BitConnect Coin that could be exchanged for Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) to participate in the exchange’s investment opportunities. ASIC says that in two of the seminars, Bigatton claimed that BitConnect is better than any term deposit out there and that BitConnect Coins “would increase in value to at least USD$1,000.” 
Bigatton <a href="https://crypto.news/former-bitconnect-promoter-pleads-guilty-to-criminal-charges/" target="_blank" rel="noreferrer noopener">pleaded</a> guilty to one criminal charge related to providing unlicensed financial services in mid-May, after admitting to doing so on behalf of another person. In January 2023, the U.S. federal district court in San Diego ruled that over 800 victims of the Bitconnect Ponzi scheme should&nbsp;<a href="https://crypto.news/bitconnect-victims-to-receive-17m-in-compensation/">receive</a>&nbsp;a portion of a $17 million restitution recovered from the $2.4 billion scam. 
Satish Kumbhani, the founder of BitConnect, was indicted in early 2022 by a U.S. court jury for allegedly orchestrating the international multi-billion crypto Ponzi scheme. In a regulatory filing, Richard Primoff, the attorney for the U.S. Securities and Exchange Commission said that Kumbhani “has likely relocated from India to an unknown address in a foreign country.” His whereabouts <a href="https://crypto.news/bitconnects-founder-missing-following-sec-indictment/" target="_blank" rel="noreferrer noopener">remain unknown</a> thus far. 
 Read more: <a href="https://crypto.news/indian-bitconnect-promoters-attacked-by-angry-investors/"> Indian Bitconnect promoters attacked by angry investors </a>

Australian court convicts BitConnect promoter of unlicensed financial advice

crypto.news

Alte articole publicate pe 15 iul. 2024

Elon Musk and Justin Sun Endorse Trump After Rally Shooting

AT&T Pays $400,000 BTC Ransom to Hackers in 2022 Data Breach

Prominent Crypto Analyst Says Ethereum 'Will Reach A New All-time High Faster Than The Rest,' Say...

AVAX Price Set to Hit $30 with Rising Trader Demand

Bitcoin Price Prediction Q4: Historical Trends Hints BTC Price Poised for a Boom

BONK Token Soars After 84 Billion Burn, Outperforms Altcoin Market

Join our free newsletter for daily crypto updates!