John Bigatton has admitted in court in Australia to a criminal offense related to giving financial advice without the required license for his involvement in promoting the defunct Ponzi scheme BitConnect.
BitConnect operated as a fraudulent lending platform that offered users unsustainable returns on its token, BCC. Individuals could lend the token to the platform believing their money was being used profitably, but the scheme ultimately failed, resulting in investors losing access to their funds.
Bigatton actively endorsed BitConnect through social media and organizing seminars across Australia as the national promoter for the scheme.
The Australian Securities and Investments Commission (ASIC) collaborated with the United States Federal Bureau of Investigation (FBI) in investigating the case. The FBI was also involved in the inquiry into BitConnect's founder, Satish Kumbhani, who was charged in the Southern District of California.
Former reports suggest Bigatton had a history of engaging in various ventures promising high returns, including selling vitamins, managing a gym, and trading foreign currencies, before joining BitConnect and convincing other Australians to participate.
Amid the collapse of BitConnect, Bigatton's wife, Madeline, disappeared, leading some of her relatives to fear foul play was involved.
Bigatton is scheduled to be sentenced on July 5.
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