John Bigatton - former head of the Australian BitCoinnect community heard the charges. The accused can pay hundreds of thousands of dollars in fine and, in the least optimistic scenario for himself, spend several dozen years in prison.
The case of an inhabitant of Carss Park in New South Wales will be heard in court on February 2, 2021. John Louis Anthony Bigatton was the most important BitConnect promoter in Australia. According to the investigators, the crypto pyramid could have reached a market capitalization of over $2.5 billion.
John Bigatton heard the charges:
conducting an unregistered investment program, for which he is facing a 5-year prison sentence and/or a fine of $42,000,
Providing unlicensed financial services on behalf of another person who may result in a penalty of up to 2 years in prison and/or a fine of $42,000,
four cases of making a false or misleading statement affecting market participation.
The last one is directly related to the recruitment of new investors for BitCoinnect. The maximum penalty for each of the 4 cases is up to 10 years imprisonment and/or a fine of $945,000 or 3 times the proceeds of the crime. If John Bigatton were found guilty, he could face up to 47 years in prison. However, the case is likely to end up with a much lower sentence.
According to investigators from the Australian Securities and Investment Commission (ASIC), John Bigatton was head of BitConnect in Australia. His national promotion activities lasted from mid-August 2017 to January 18, 2018. Bigatton organized conferences and events at which he promoted the financial pyramid. The project he advertised - BitConnect claimed to be creating another revolutionary crypto. However, there was no technology or business behind the company, only payments from new customers. According to the ASIC Bigatton lied about BitConnect during 4 seminars.