The Australian Securities and Investments Commission, or ASIC, has charged the former Australian national representative of BitConnect for his involvement in the multi-billion-dollar crypto Ponzi scheme.
According to a Nov. 17 statement from the ASIC, the commission — with assistance from the U.S. Federal Bureau of Investigation — has charged John Louis Anthony Bigatton for his role working for BitConnect from August 2017 through January 2018.
He faces four courts of making misleading or false statements that had an influence on market participation, one count of operating an unregistered managed investment scheme, and one count of providing unlicensed financial services.
Each charge concerning making false statements can carry a maximum penalty of 10 years in prison with the other two charges carry penalties of up to 5 and 2 years, respectively. This means the BitConnect promoter, age 52, could potentially be looking at a life sentence.
In September, ASIC banned Bigatton from providing financial services for seven years, stating