John Bigatton, the Australian promoter of Bitconnect, has been convicted by the Sydney District Court for providing unlicensed financial advice, violating section 911B(1) of the Corporations Act 2001, the Australian Securities and Investments Commission (ASIC) announced Monday. Between August 2017 and January 2018, Bigatton promoted Bitconnect through seminars and social media, claiming significant returns on Bitconnect Coin investments. The court highlighted the breach of trust involved, noting that individuals promoting financial products must adhere strictly to legal requirements. This conviction disqualifies Bigatton from managing corporations for five years, and he has been banned from providing financial services for seven years. Proceedings regarding his assets, frozen in 2018, are ongoing under the Proceeds of Crime Act.
Australian Court Convicts Bitconnect Promoter for Providing Unlicensed Advice
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