John Bigatton, a prominent promoter of the now-defunct cryptocurrency platform BitConnect, has been convicted by the Sydney District Court for providing unlicensed financial advice.
Bigatton’s activities took place between August 2017 and January 2018, where he promoted BitConnect through seminars and social media. According to the Australian Securities and Investments Commission (ASIC), he did so without holding the necessary financial services license. As a result, Bigatton has been disqualified from managing corporations for the next five years.
Misleading Claims and Their Impact
BitConnect, established in 2016, offered a digital token called BitConnect Coin that could be traded for Bitcoin. During seminars, Bigatton claimed that BitConnect was superior to traditional term deposits and projected that BitConnect Coin would reach at least $1,000.
Sarah Court, Deputy Chair of ASIC, stated that Bigatton’s unlicensed financial advice eroded trust in Australia’s financial services industry. This recent conviction follows ASIC’s 2020 decision to ban Bigatton from providing financial services for seven years.
Summary Review: John Bigatton’s conviction serves as a critical reminder of the importance of regulatory compliance in financial services. The ban highlights the ongoing efforts by authorities to protect investors and maintain the integrity of the financial sector.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
