Crypto promoter pleads guilty to providing unlicensed financial services

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Crypto promoter unlicensed financial services

Posted By  Kellerdale
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Crypto Promoter Pleads Guilty to Providing Unlicensed Financial Services

Introduction

John Louis Anthony Bigatton of Carss Park, NSW, has pleaded guilty to a criminal charge related to his role as a national promoter for the cryptocurrency platform BitConnect.


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  • Criminal Charge: Bigatton pleaded guilty to providing unlicensed financial services for BitConnect.
  • ASIC Action: The Australian Securities and Investments Commission (ASIC) prosecuted Bigatton.
  • BitConnect Role: Bigatton promoted BitConnect and the Lending Platform, which was an unlicensed financial service.
  • Financial Impact: Investors were required to acquire BitConnect coins (BCC), a highly speculative asset.

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Breakdown of the Timeline for this alleged scam:
  • August 2017 - January 2018: Bigatton provided unlicensed financial advice and services related to BitConnect and the Lending Platform.
  • May 16, 2024: Bigatton pleaded guilty in the District Court of New South Wales.
  • July 2024: Sentencing hearing scheduled.
Legal Implications:
Bigatton's guilty plea underscores the seriousness of providing unlicensed financial services. This case highlights the regulatory actions taken by ASIC to protect investors from fraudulent schemes.
Summary:

John Louis Anthony Bigatton, a promoter for BitConnect, has pleaded guilty to providing unlicensed financial services. ASIC prosecuted Bigatton for his role in promoting BitConnect and its Lending Platform, which involved investors acquiring speculative BitConnect coins (BCC). The case highlights the regulatory actions taken to safeguard investors from fraudulent schemes in the cryptocurrency space.

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Entity Related Search Terms
John Louis Anthony Bigatton BitConnect promoter, financial fraud
BitConnect cryptocurrency scam, unlicensed services
Australian Securities and Investments Commission (ASIC) ASIC prosecution, investor protection
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