ChainCatcher news, according to Decrypt, John Bigatton, a promoter of the Bitcoin trading platform BitConnect, has been convicted by the Sydney District Court for providing unauthorized financial advice.From August 2017 to January 2018, Bigatton promoted BitConnect through seminars and social media, offering financial advice without proper authorization. According to court records and a statement from the country's corporate regulator on Sunday, John Bigatton was sentenced on Friday to three years of good behavior recognition and was disqualified from managing companies for five years.These lawsuits are now being overseen by the Australian Federal Police under the Proceeds of Crime Act, while the New South Wales Supreme Court proceedings are still ongoing.It is reported that Bigatton was previously banned by ASIC from providing financial services for seven years in 2020. In May of this year, he pleaded guilty to providing unlicensed financial advice.

ChainCatcher News: On January 12, the U.S. District Court for the Southern District of California ordered compensation for victims in the Bitconnect fraud case, allowing 800 victims from 40 countries to receive $17 million in restitution.The cryptocurrency company BitConnect swindled over $2 billion globally, trapping more than 4,000 retail investors from nearly 100 countries. Recently, a U.S. federal court issued a ruling in a cryptocurrency fraud case. Glenn Arcaro, an executive of the cryptocurrency company BitConnect, was sentenced to 38 months in prison and ordered to forfeit a total of $80 million for participating in a large-scale fraudulent cryptocurrency investment scheme. (Source link)

Chain Catcher news, in a Ponzi scheme, the cryptocurrency company BitConnect swept over $2 billion globally, trapping more than 4,000 retail investors from nearly a hundred countries. Recently, a U.S. federal court released a judgment in a cryptocurrency fraud case. Glenn Arcaro, an executive of the cryptocurrency company BitConnect, was sentenced to 38 months in prison and ordered to forfeit a total of $80 million for participating in a large-scale fraudulent cryptocurrency investment scheme.According to previous reports, on August 17, the police in Pune, India, announced the official start of the manhunt for BitConnect founder Satish Kumbhani. A local lawyer-investor stated that he lost nearly 220 bitcoins, worth 420 million rupees ($5.2 million), in Kumbhani's Ponzi scheme. Earlier this year, U.S. officials indicated in a legal document that Kumbhani likely fled to India and is currently still at large.In February of this year, the U.S. Department of Justice filed a lawsuit against BitConnect founder Satish Kumbhani, accusing him of orchestrating a Ponzi scheme involving $2.4 billion. Kumbhani is charged with conspiracy to commit wire fraud, conspiracy to manipulate commodity prices, operating an unlicensed money transfer business, and conspiracy to commit international money laundering. If convicted on all counts, he faces up to 70 years in prison. (Source link)