ASIC has issued a permanent ban on Mr Brian Jacques Creigh, the director of Panacea Capital Pty Ltd, from providing financial services or engaging in financial service business activities.

This decision stems from Creigh's operation of the Panacea Capital Cryptocurrency Investment Fund (Crypto Fund) between April 2021 and June 2022 without the necessary license.

ASIC's investigation revealed that Creigh misrepresented Panacea Capital as authorized under an Australian Financial Services license (AFSL) while operating the Crypto Fund. He provided misleading fact sheets to investors, falsely guaranteeing capital, misrepresenting the fund's inception date, exaggerating targeted returns, and falsely portraying trading strategies and team composition.

These fact sheets contained information sourced from third parties associated with Liquid Assets Group (LAG). Creigh transferred funds invested in the Crypto Fund overseas to then invest in the LAG Fund. The LAF Fund turned out to be an investment scam, leading to approximately $7.7 million in investor losses.

ASIC concluded that Creigh lacked adequate training and competence, failing to recognise warning signs of dealing with scammers or dishonest individuals while operating the Crypto Fund. His actions demonstrated dishonesty, lack of integrity, trustworthiness, and judgment.

These actions included;

• Operating the Crypto Fund without a license,

• Providing false evidence during an ASIC examination,

• Obstructing ASIC's investigation,

• Fabricating a Head of Client Services to communicate with clients.

ASIC determined that Creigh's fundamental lack of competence, fitness, and propriety made him likely to contravene financial services laws in the future.

Creigh has been the director of Panacea Capital Pty Ltd since September 22, 2015, and has been its sole director and shareholder since August 3, 2016. From November 3, 2016, to July 5, 2018, Panacea was a corporate authorised representative of AFS licensee Drashta Capital Pty Ltd.

Since 2018 neither Creigh nor Panacea has held an AFSL nor been an authorised representative under an AFSL since then.

Mr Creigh's ban has been recorded on ASIC's banned and disqualified register.

Mr Creigh retains the right to appeal ASIC's decision to the Administrative Appeals Tribunal.

This information comes from the official ASIC media release on the 21st of March 2024 and is true at the time of publishing. To read ASICs media release click here.