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.
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.
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.
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…
