The
Australian Securities and Investments Fee (ASIC) has completely banned
Brian Jacques Creigh, the Director of Panacea Capital Pty Ltd, from offering
monetary providers or being concerned in any monetary providers enterprise.
The
determination comes after an investigation revealed that Creigh operated the Panacea
Capital Cryptocurrency Funding Fund between April 2021 and June 2022 whereas
unlicensed and engaged in deceptive and misleading conduct.
In accordance
to ASIC’s findings, Creigh offered truth sheets to traders that contained
false and deceptive data, together with claims that Panacea Capital was
offering a capital assure on the funding, had been in operation since
2016, and had focused returns of 120% to 150%.
The very fact
sheets additionally instructed that Panacea Capital comprised groups of individuals with
sure abilities and data when, in actuality, the one workers had been Creigh
and one different particular person. Creigh
transferred funds invested within the Crypto Fund abroad to spend money on the LAG
Fund, which turned out to be an funding rip-off, inflicting traders to lose
roughly $7.7 million.
ASIC discovered
that Creigh was not adequately skilled or competent, as he didn’t react to
warning indicators that he was coping with scammers or dishonest people whereas
working the cryptocurrency fund.
“We take motion the place we see probably the most severe hurt – or a danger of it – and in circumstances probably to ship a robust message of deterrence to others,” Alan Kirkland, the ASIC Commissioner, commented throughout APAC’s Coverage Week.
ASIC Commissioner Alan Kirkland spoke at @blockchain_apac Coverage Week on 20 March, setting out our method to innovation, regulatory reforms and enforcement within the #crypto sector https://t.co/GECpccMAV7 pic.twitter.com/8qggaPQwPp
— ASIC Media (@asicmedia) March 20, 2024
Moreover,
ASIC found that Creigh acted dishonestly and with an absence of integrity,
trustworthiness, and judgment whereas managing the Crypto Fund. Regardless of being unlicensed, he operated the fund, offered false proof throughout an ASIC examination, suggested traders in opposition to cooperating with ASIC’s investigation, and fabricated a fictitious
Head of Consumer Companies to speak with traders. Though, Creigh has
the suitable to enchantment ASIC’s determination to the Administrative Appeals Tribunal.
A month
in the past, ASIC intervened to halt the actions of one other dishonest participant within the
cryptocurrency enterprise, who promised a return of 20% on funding. Hala, from
Redbank Plains, Queensland, confronted allegations of providing unlicensed monetary
providers by way of his firm, A One Multi Companies Pty Ltd.
ASIC Wipes Out 3,500
Fraudulent Funding Web sites
Two weeks
in the past, the Australian regulator reported important progress in its crackdown on
funding scams. Current information highlighted that since implementing
ASIC’s web site takedown functionality in July 2023, the regulatory physique has
efficiently dismantled practically 3,500 fraudulent funding web sites.
In one other necessary
improvement, David Sipina has admitted guilt to 2 felony fees linked
to his position in orchestrating a Ponzi scheme involving greater than $180 million by the Courtenay Home buying and selling firm. The scheme reportedly enticed round
585 traders to contribute funds beneath the pretense of excessive returns from Foreign exchange
and Futures market buying and selling.
Nevertheless,
ASIC’s investigation discovered that solely a fraction of the collected funds had been
really used for buying and selling. Many of the capital from new traders was
as an alternative directed to repay earlier contributors, typifying the operations of a
Ponzi scheme.
The
Australian Securities and Investments Fee (ASIC) has completely banned
Brian Jacques Creigh, the Director of Panacea Capital Pty Ltd, from offering
monetary providers or being concerned in any monetary providers enterprise.
The
determination comes after an investigation revealed that Creigh operated the Panacea
Capital Cryptocurrency Funding Fund between April 2021 and June 2022 whereas
unlicensed and engaged in deceptive and misleading conduct.
In accordance
to ASIC’s findings, Creigh offered truth sheets to traders that contained
false and deceptive data, together with claims that Panacea Capital was
offering a capital assure on the funding, had been in operation since
2016, and had focused returns of 120% to 150%.
The very fact
sheets additionally instructed that Panacea Capital comprised groups of individuals with
sure abilities and data when, in actuality, the one workers had been Creigh
and one different particular person. Creigh
transferred funds invested within the Crypto Fund abroad to spend money on the LAG
Fund, which turned out to be an funding rip-off, inflicting traders to lose
roughly $7.7 million.
ASIC discovered
that Creigh was not adequately skilled or competent, as he didn’t react to
warning indicators that he was coping with scammers or dishonest people whereas
working the cryptocurrency fund.
“We take motion the place we see probably the most severe hurt – or a danger of it – and in circumstances probably to ship a robust message of deterrence to others,” Alan Kirkland, the ASIC Commissioner, commented throughout APAC’s Coverage Week.
ASIC Commissioner Alan Kirkland spoke at @blockchain_apac Coverage Week on 20 March, setting out our method to innovation, regulatory reforms and enforcement within the #crypto sector https://t.co/GECpccMAV7 pic.twitter.com/8qggaPQwPp
— ASIC Media (@asicmedia) March 20, 2024
Moreover,
ASIC found that Creigh acted dishonestly and with an absence of integrity,
trustworthiness, and judgment whereas managing the Crypto Fund. Regardless of being unlicensed, he operated the fund, offered false proof throughout an ASIC examination, suggested traders in opposition to cooperating with ASIC’s investigation, and fabricated a fictitious
Head of Consumer Companies to speak with traders. Though, Creigh has
the suitable to enchantment ASIC’s determination to the Administrative Appeals Tribunal.
A month
in the past, ASIC intervened to halt the actions of one other dishonest participant within the
cryptocurrency enterprise, who promised a return of 20% on funding. Hala, from
Redbank Plains, Queensland, confronted allegations of providing unlicensed monetary
providers by way of his firm, A One Multi Companies Pty Ltd.
ASIC Wipes Out 3,500
Fraudulent Funding Web sites
Two weeks
in the past, the Australian regulator reported important progress in its crackdown on
funding scams. Current information highlighted that since implementing
ASIC’s web site takedown functionality in July 2023, the regulatory physique has
efficiently dismantled practically 3,500 fraudulent funding web sites.
In one other necessary
improvement, David Sipina has admitted guilt to 2 felony fees linked
to his position in orchestrating a Ponzi scheme involving greater than $180 million by the Courtenay Home buying and selling firm. The scheme reportedly enticed round
585 traders to contribute funds beneath the pretense of excessive returns from Foreign exchange
and Futures market buying and selling.
Nevertheless,
ASIC’s investigation discovered that solely a fraction of the collected funds had been
really used for buying and selling. Many of the capital from new traders was
as an alternative directed to repay earlier contributors, typifying the operations of a
Ponzi scheme.
