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An Australian resident has received a 7-year prohibition by the nation’s financial watchdog for his connection with BitConnect, a suspected Ponzi scheme.
According to a report published by the Financial Standard, New South Wales resident John Bigatton is banned from working in the financial services domain for a multi-year period. According to the report, an investigation is still continuing.
The Australian Securities and Investment Commission made the ruling subsequent to the discovery of Bigatton being engaged in dishonest behavior in helping BitConnect.
Bigatton was working as the Australian national representative of digital currency platform BitConnect and supported its investment scheme BitConnect Lending Platform, between 2017 and 2018.
The regulator claims that Bigatton provided unlicensed financial product information that was misleading, confusing or expected to mislead investors, apropos the BitConnect scheme.
The Australian Securities and Investment Commission found the culprit not adequately trained to provide financial services and was likely to breach a financial services law.
BitConnect was a virtual asset investment scheme that encouraged investors to exchange BTC for its native token dubbed BitConnect Coin, assuring high-interest returns.
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