TechFlow reports that John Bigatton, an Australian promoter of the cryptocurrency platform BitConnect, has been sentenced by a Sydney court to three years of good behavior and banned from managing a company for five years for providing unlicensed financial advice.
ASIC stated that between 2017 and 2018, Bigatton promoted BitConnect through seminars and social media, offering unauthorized financial advice. BitConnect was a crypto Ponzi scheme that required investors to purchase BCC to participate in investment opportunities with promises of high returns. ASIC Deputy Chair Sarah Court emphasized that unlicensed financial advice undermines trust in the financial services industry.
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