ASIC Places Seven Year Ban on BitConnect Frontman John Bigatton
- Bigatton has been banned from providing financial services for seven years.
The Australian Securities and Investments Commission ( ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading Read this Term) announced today that it has banned the former National Representative of BitConnect cryptocurrency investment scheme, John Louis Anthony Bigatton, from providing financial services for seven years.
BitConnect was an online cryptocurrency platform. The platform operated BitConnect Lending Platform, a cryptocurrency Ponzi investment scheme which allegedly scammed investors out of $US2.6 billion ($3.7 billion).
Namely, after the platform’s collapse, $4 billion disappeared, with many Australian residents losing their hard-earned savings in the crossfire. From August 2017 until January of 2018, Bigatton was the Australian National Representative.
Bigatton has been referred by many as a born salesman for his efforts in duping Australian consumers into investing in the scam. Following BitConnect’s collapse, ASIC has been investigating the frontman.
ASIC: Bigatton Was Providing Unlicensed Product Advice
According to a statement from the regulator, Bigatton was providing unlicensed financial product advice and engaged in misleading and deceptive conduct in relation to financial services and products while he was the Australian National Representative of BitConnect.
During its investigation, the Australian watchdog found that Bigatton is not a fit and proper person to provide financial services, is not adequately trained, or is not competent, to provide a financial service or financial services and is likely to contravene a financial services law.
Last year, the Federal Court of Australia placed travel bans and freezing orders on Bigatton on ASIC’s request, which is investigating his business affairs. According to the statement, the regulator’s investigation is continuing.
The decision announced today by the agency can be appealed by Bigatton at the Administrative Appeals Tribunal for a review of ASIC’s decision.
BitConnect’s lending platform was shut down in January of 2018, as Finance Magnates reported. This came closely on the heels of Texas Securities Commissioner, Travis J Iles’s serving BitConnect with a cease and desist order on January 4, 2018. Since BitConnect was legally based in the UK, the order did nothing except to stop the company from dealing directly with Texan residents.
The Australian Securities and Investments Commission ( ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading Read this Term) announced today that it has banned the former National Representative of BitConnect cryptocurrency investment scheme, John Louis Anthony Bigatton, from providing financial services for seven years.
BitConnect was an online cryptocurrency platform. The platform operated BitConnect Lending Platform, a cryptocurrency Ponzi investment scheme which allegedly scammed investors out of $US2.6 billion ($3.7 billion).
Namely, after the platform’s collapse, $4 billion disappeared, with many Australian residents losing their hard-earned savings in the crossfire. From August 2017 until January of 2018, Bigatton was the Australian National Representative.
Bigatton has been referred by many as a born salesman for his efforts in duping Australian consumers into investing in the scam. Following BitConnect’s collapse, ASIC has been investigating the frontman.
ASIC: Bigatton Was Providing Unlicensed Product Advice
According to a statement from the regulator, Bigatton was providing unlicensed financial product advice and engaged in misleading and deceptive conduct in relation to financial services and products while he was the Australian National Representative of BitConnect.
During its investigation, the Australian watchdog found that Bigatton is not a fit and proper person to provide financial services, is not adequately trained, or is not competent, to provide a financial service or financial services and is likely to contravene a financial services law.
Last year, the Federal Court of Australia placed travel bans and freezing orders on Bigatton on ASIC’s request, which is investigating his business affairs. According to the statement, the regulator’s investigation is continuing.
The decision announced today by the agency can be appealed by Bigatton at the Administrative Appeals Tribunal for a review of ASIC’s decision.
BitConnect’s lending platform was shut down in January of 2018, as Finance Magnates reported. This came closely on the heels of Texas Securities Commissioner, Travis J Iles’s serving BitConnect with a cease and desist order on January 4, 2018. Since BitConnect was legally based in the UK, the order did nothing except to stop the company from dealing directly with Texan residents.