Australian BitConnect scammer John Bigatton has avoided prison.

Following a
guilty plea
in May, Bigatton faced up to forty-seven years in prison.

On July 15th, Bigatton was convicted but “released on a recognisance to be of good behaviour for three years.”

Speaking on Bigatton avoiding prison
, ASIC Deputy Chair Sarah Court said

ASIC is committed to taking action against the unlawful promotion of high-risk digital assets to protect Australian investors.

This matter sends a clear message to Australians – that ASIC has and will act when unlicensed operators try to take advantage of Australian investors.

In addition to avoiding prison, ASIC
banned Bigatton from providing financial services for seven years
back in 2020.

The Australian Federal Police have also
frozen millions in Bigatton’s assets
. What will happen to the assets hinges on pending Supreme Court proceedings.

BitConnect was a ~$2.4 billion Ponzi scheme that
collapsed
in 2018. As the Australian Director of the scam, Bigatton pocketed billions in stolen BitConnect investor funds.

Following BitConnect’s collapse, Bigatton’s wife Madeline (right)
disappeared
. She is believed to have either absconded with stolen funds or committed suicide.

BitConnect founder Satish Kumbhani is wanted by both
US
and
Indian
authorities. Kumbhani is believed to be
hiding in Dubai
.

Civil proceedings
initiated against top BitConnect promoters in the US
are believed to be on hold pending Kumbhani’s arrest.

🤖 Quick Answer

What sentence did Australian BitConnect scammer John Bigatton receive?
John Bigatton, an Australian promoter of the BitConnect cryptocurrency Ponzi scheme, pleaded guilty in May and faced up to forty-seven years in prison. However, on July 15th, he was convicted but avoided imprisonment, being released on a recognisance requiring good behaviour for three years. ASIC had previously banned him from providing financial services for seven years in 2020.

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