Authorities are freezing assets of all involved in the Bitconnect scam
John Bigatton is the only representative for BitConnect Australia and he has now had all of his assets frozen by the Australian Securities and Investments Commission (ASIC). ASIC has relatively the same functions as the United States Securities and Exchange Commission (SEC).
John Bigatton is now unable to leave the country as long as the investigation is ongoing. He is also a director and shareholder in BitConnect International. BitConnect itself however, is under investigation from many international agencies for fraud.
Authorities are pursuing everyone connected to Bitconnect
Trevon James is a well-known Bitcoin pumper and enthusiast who is very active on social media. He often promotes and discusses Cryptocurrencies and he’s recently fallen under investigation for promoting Bitconnect too. It’s not a surprise that people tied to Bitconnect are now being targeted by authorities. In fact, it’s a very good thing that government agencies are finally really going after the people responsible for the biggest exit scam in Crypto history.
John Bigatton is now required to divulge all of his assets to the country’s federal authorities. This also includes any form of digital currencies and every single account in every single exchange. The action to freeze all of Bigatton’s assets began in December. Federal Court justice Michael Gleeson issued orders for Bigatton to instantly disclose all bank accounts, including the location of all digital assets and any escrow accounts which might have additional Cryptocurrencies.
Ironically enough, Bigatton is a registered financial advisor and has many affiliations within the industry. Needless to say, when the Bitconnect situation became known to everyone, his career quickly came to an end. As more information comes to light, people are still amazed at how Bitconnect managed to lure so many investors in. A class action lawsuit filed in Florida, states that Bitconnect promoters promised investors returns up to 40% a month.
Bitconnect is the largest scam in Crypto history
There is also a company called “JB’s Investment Management”. There is absolutely no doubt that JB stands for “John Bigatton”. This company however, has one shareholder and director – Bigatton’s wife, Madeline. Australian Securities and Investments Commission quickly froze all assets related to JB’s Investment Management and this is where things begin to get weird.
Madeline Bigatton went missing in March, 2018. The police investigation is treating the case as a potential homicide. There are currently no details available, but as the story develops a different story might emerge. There is of course the possibility that she helped with all the cash she could transfer over the border. As far as the authorities are concerned, Madeline Bigatton is a ghost.
John is not an official suspect in the case. Before she went missing, Madeline went on record to defend her husband:
“It really hurts me as John is by no means a bad person and would only get involved with something if he truly believed it would have a positive impact in people’s lives”
In any case, the countless investigations and lawsuits that surround Bitconnect will continue for years to come. We can only hope that Madeline is alive and well somewhere and in time justice finds those who deserve it. As for Bitconnect, 40% return of investment a month is something that only the most naive believed.
Even Coinmarketcap has delisted the coin from its rankings. The most important lesson from the Bitconnect case is an universal truth: “If it’s too good to be true, then it probably isn’t!”
Read more:
The post Authorities are freezing assets of all involved in the Bitconnect scam appeared first on CoinStaker | Bitcoin News.
from CoinStaker | Bitcoin News
0 Comments