The former Aussie BitConnect promoter could be sentenced to the maximum penalty by law and face a life sentence.

The Australian Commonwealth Director of Public Prosecutions charged the national representative of BitConnect for his role in a multibillion-dollar Ponzi scheme involving cryptocurrency. The investigation leading to the charges was conducted by ASIC or the Australian Securities and Investments Commission.

The United States F.B.I. assisted ASIC in charging John Louis Anthony Bigatton for his role in the Ponzi scheme while employed by BitConnect between August and January of 2017 and 2018. Bigatton is facing several counts of making false statements to coerce influence over participation in the market. One count of running and managing an unregistered investment scheme and offering unlicensed financial services.

Each charge carries a possible maximum penalty of ten years in prison, while two others can range from an additional two to five years. While the BitConnect promoter is currently 52 years of age, if Bigatton is sentenced to the maximum penalties and his sentencing runs consecutively, he will likely spend the rest of his life in prison.

The courts banned Bigatton from offering financial services for the next seven years as he is either not competent or sufficiently trained to provide these types of services.

In the cryptocurrency world, BitConnect was one of the largest and most infamous Ponzi schemes. Thousands of people fell victim to the project and invested their money. Bigatton allegedly cheated them into believing unrealistically high financial returns on investment in BitConnect. The company gained $2.5 billion in investments before closing in January of 2018 after receiving a cease and desist order issued by the Texas State Securities Board.

Bigatton fell under scrutiny from the Federal Court of Australia in 2018. The court issued a travel ban and froze his assets. It is alleged that John Louis Anthony Bigatton gained up to $100,000 for his part in the Ponzi scheme.

He is scheduled to return to court in early February. He will be possibly facing another court battle and investigation into his wife's disappearance in the early spring of 2018.