Bitconnect Promoter Faces Travel Ban by the Australian Federal Court for $2.6 Billion Ponzi Scheme

Bitconnect Promoter Faces Travel Ban by the Australian Federal Court for $2.6 Billion Ponzi Scheme

By Jason Reed
Posted on Jan. 8, 2019

The bitconnect promoter has been pronounced a travel ban by the Australian Federal Court over a ponzi scheme. The John Bigatton is in the judiciary frame for investigation as he reportedly promoted $2.6 billion bitconnect scheme. The proceedings to freeze his financial assets were already instigated in the last month of the year 2018. For the ongoing investigation, the federal court justice has ordered him to declare all of his crypto holdings.


Bigatton is reportedly listed as a director and shareholder of BitConnect International Plc and the only representative of Bitconnect Australia. Bigatton’s wife, Madeline Bigatton, is reportedly the sole director and shareholder of JB’s Investment Management, a company whose assets have been frozen, that is believed to be linked to Mr. Bigatton.


According to the aforementioned article, Mrs. Bigatton went missing in March and has not yet been found. The Sydney Morning Herald notes that her husband is not implicated in her disappearance.


The travel band and fund freeze was instigated by the Australia's corporate watchdog ASIC, which is currently looking into Mr. Bigatton’s business dealings.


In January last year, the Texas Securities Commissioner issued an Emergency Cease and Desist Order against Bitconnect for the selling of unlicensed securities. The company received similar warnings from North Carolina regulators & the company formally closed its lending platform as well as cryptocurrency exchange. It resulted in the fall down of BCC coin to 87 percent at the time.



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