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Promoting BitConnect gets John Bigatton assets frozen

The Australian Securities and Investments Commission (ASIC) have just issued travel bans followed by freezing of john’s assets, following the fraud allegations surrounding BitConnect.

As the only promoter for BitConnect Mr. Bigatton who possess legal papers to work as a financial adviser used his expertise to lure investors into BitConnect assuring them of huge returns. For instance files in a Florida US court show, one was bound to get returns amounting to $US50 million from making a mere investment of $US1000 within three years. The latter represents a 40 percent return on initial investments. Besides being the lead promoter of BitConnetc, Mr. Bigatton holds the position of COF at Wealth Synergy, an investment firm in Australia. Furthermore, he is also the director of BitConnect International and at the same time the shareholder. Besides Australian local authorities launching investigations into BitConnect operations across the border the FBI and other international authorities are looking into BitConnect operations.

Other orders from the court

Apart from being slapped with a travel ban, the ASIC was able to convince the court to order Mr. Biggaton to disclose information of his financial status. Through Michael Gleeson Federal Court Justice main suspect was ordered to produce a list of all address holding his digital coins, divulge information on any escrow accounts holding virtual currencies under his name and disclose any bank accounts bearing his name. While following up on Mr. Biggatons affiliations, the federal court also issued orders to freeze asset of JB Investment management firm. Mr. Biggaton was linked to the latter firm through his wife.

The disappearance of Biggaton’s wife twist the whole story

From information gathered from ASIC investigations, Mrs. Madeline Bigatton is the sole shareholder and doubles up as the director of JB’s Investment Management. And being Mr. Biggatons wife followed by her disappearing into thin air, it rises a lot of questions. But before she went off the radar, Mrs. Biggaton issued a statement exonerating her husband of any wrongdoing. Later on, police found her Kia Sorento in Cape Solander did a thorough search through the marine area command dog unit and aerial searches, but the search didn’t yield any fruits. To date, no information surrounding her disappearance has been received. At the moment her case is still rendered as missing persons and is lodged for investigations under the coroner department.

While investigations are still underway, the report surrounding the scam allegation show the public how risky it is to make investments in this emerging sector.