The Australian Securities and Investments Commission (ASIC) has permanently banned Brian Jacques Creigh from providing financial services or participating in the financial services business.。

Creigh is a director of Panacea Capital Pty Ltd, where he ran the Panacea Capital Cryptocurrency Investment Fund from April 2021 to June 2022.。

ASIC found that Creigh was operating a cryptocurrency fund without a license, and also falsely claimed that Panacea Capital was authorized by the Australian Financial Services License (AFSL), but this was not the case.。

ASIC found that Creigh provided a fact sheet to investors, enticing them to invest in the Crypto Fund:

• Panacea Capital provides capital guarantee for the investment
• The cryptocurrency fund has been in operation since 2016.
• Cryptocurrency funds have a target return of 120% to 150%
• Panacea Capital is executing a trading strategy allegedly executed by an overseas fund
• Panacea Capital consists of a team with certain skills and knowledge, and Panacea Capital has only Creigh and one other employee

ASIC determined that each of the above statements was misleading and that Creigh engaged in misleading or deceptive conduct。

These fact sheets contain information provided to Creigh by a third party associated with an entity calling itself Liquid Assets Group (LAG), whose funds invested in the C-to-Fund were moved overseas to invest in the LAG Fund, which turned out to be an investment scam that caused investors to lose about $7.7 million.。

In addition, the watchdog found that Creigh was not adequately trained or competent because he did not respond to warning signs of dealing with scammers or people overseas who were not acting truthfully in running the Crypto Fund.。

ASIC also found that Creigh was not the right person to work in financial services because he acted dishonestly and lacked integrity, credibility and judgment:

• Operate Crypto Fund knowingly without permission
• Providing false evidence during ASIC review
• Tell investors not to cooperate with ASIC's investigation
• Fictional customer service executives communicate with investors

ASIC believes there is reason to believe that due to Creigh's fundamental lack of competence as well as incompetence and inappropriateness, he is likely to be in breach of the Financial Services Act.。Creigh has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision。

Creigh has been a director of Panacea Capital Pty Ltd since 22 September 2015。Since 3 August 2016, Creigh has been the sole director and shareholder of Panacea.。

From 3 November 2016 to 5 July 2018, Panacea was an authorized legal representative of AFS licensee Drashta Capital Pty Ltd.。But since then, Creigh has ceased to be an authorized representative of the American Standard.。