The Australian Securities and Investments Commission (ASIC) has permanently banned Brian Jacques Creigh, director of Panacea Capital Pty Ltd, from providing financial services or being involved in any financial services business.

The decision comes after an investigation revealed that Creigh operated the Panacea Capital Cryptocurrency Investment Fund between April 2021 and June 2022 while unlicensed and engaged in misleading and deceptive conduct.

ASIC Permanently Bans Crypto Fund Director for Misleading Investors

According to ASIC’s findings, Creigh provided fact sheets to investors that contained false and misleading information, including claims that Panacea Capital was providing a capital guarantee on the investment, had been in operation since 2016, and had targeted returns of 120% to 150%.

The fact sheets also suggested that Panacea Capital comprised teams of people with certain skills and knowledge when, in reality, the only employees were Creigh and one other person.

Creigh transferred funds invested in the Crypto Fund overseas to invest in the LAG Fund, which turned out to be an investment scam, causing investors to lose approximately $7.7 million.

ASIC found that Creigh was not adequately trained or competent, as he failed to react to warning signs that he was dealing with scammers or dishonest individuals while operating the cryptocurrency fund.

Furthermore, ASIC discovered that Creigh acted dishonestly and with a lack of integrity, trustworthiness, and judgment when he operated the Crypto Fund knowing he was not licensed to do so, provided false evidence during an ASIC examination, told investors not to cooperate with ASIC’s investigation, and created a fictitious Head of Client Services to communicate with investors.

Creigh has the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.

The article is under development.