Bitconnect Promoter Bigatton’s Assets Frozen By the Australian Securities Regulator
Australian regulators have frozen the assets of John Bigatton, Bitconnect Australia’s sole representative.
To help in its ongoing investigations, the Australian Securities and Investments Commission (ASIC), has also barred Bigatton from traveling out of the country.
This video by Daily Mail shows Bigatton celebrating with BitConnect investors “as cash rains.”
Alleged crypto scammers
John Bigatton is Bitconnect’s face in Australia. However, he also holds the office of director at BitConnect International, as well as being one of its shareholders.
The entire BitConnect business is currently facing investigations instituted by several international law enforcement agencies, including from the FBI.
Connection to the Bitconnect project has seen individuals like Trevon James become persons of interest to regulators and enforcement agencies. Trevon, who has acquired notoriety as a Bitcoin pumper, is reportedly a target of US investigators.
According to the local Australian news outlets, a federal court in the country ordered Mr. Bigatton to disclose all assets in his possession to federal authorities. It includes divulging all crypto holdings and exchange accounts.
The Sydney Morning Herald reported that ASIC launched a sting operation against Bitconnect Australia’s point man in December 2018. The regulator launched its action of freezing Bigatton’s assets by seeking the court’s orders.
The Morning Herald notes that, upon request from the securities regulator, Michael Gleeson, a judge in the Federal Court issued orders directing that Bigatton discloses all his bank accounts.
It also wanted him to hand over “a list of the locations of all cryptocurrencies” he holds. He also required to reveal whether he held any crypto in escrow accounts.
As a registered financial advisor, Bigatton had the connections and affiliations that saw him become one of the top men within the industry. However, his career as a financial advisor is in disarray following BitConnect’s collapse and the scam allegations that followed.
A class action lawsuit in Florida alleges that BitConnect promoters lured investors with promises of up to 40 percent in returns.
The question of Bigatton’s missing wife
The Australian securities regulator also has a company by the name “JB’s Investment Management” as one of its targets. Undoubtedly, the JB in the company’s name is initials for “John Bigatton.”
One thing about JIBM, however, stands out- its single shareholder and director happen to be Bigatton’s wife, Madeline.
ASIC is said to have frozen all the assets associated with JBIM, but the interesting thing is that the company’s director is ‘missing.’
Madeline Bigatton disappeared last March, with police subsequently designating the case as both that of a missing person and potential homicide.
While police records remain the official stance as of now, only time will reveal the whole story. There is however no shortage of theories, including one that says she may have vanished after amassing cash assets and could be somewhere in the world strategizing the next move.
Authorities have not sought to treat John Bigatton as a suspect. Notably, Madeline had vehemently defended her husband over the Bitconnect scam allegations.
Before she disappeared, Madeline had also ‘received death threats’ for saying that John was innocent against all the accusations. She added that her husband “would only be involved in something if he truly believed it would be a positive impact on people’s lives.”
Hopefully, authorities will find Madeline alive and well. But meantime, the story of Bitconnect and the numerous investigations and lawsuits leveled against it continue to gather momentum.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.