ASIC charges Panacea Capital director over unlicensed crypto fund operations

Traders Union
All News
Regulators
ASIC charges Panacea Capital director

Highlights

Brian Jacques Creigh, director of Panacea Capital, was charged on 19 October 2026 for running an unlicensed crypto investment fund and handling $4.4 million in alleged proceeds of crime.
ASIC alleges neither Creigh nor Panacea Capital held an Australian Financial Services licence while marketing the Panacea Capital Cryptocurrency Investment Fund between 22 April 2021 and 17 June 2022.
Creigh faces potential penalties of up to five years’ imprisonment and $133,200 for unlicensed activity, and 25 years plus $333,000 for proceeds of crime violations.

Charges tied to alleged unlicensed fund activity

As reported by ASIC, Brian Jacques Creigh of Morton Bay, Queensland, was charged in the Melbourne Magistrates' Court on 19 October 2026 with carrying on a financial services business without an Australian Financial Services licence and dealing with proceeds of crime.

Prosecutors allege that between 22 April 2021 and 17 June 2022, Creigh offered a digital asset-based investment product known as the Panacea Capital Cryptocurrency Investment Fund through Panacea Capital Pty Ltd. The fund was purportedly promoted as a vehicle investing in a diversified portfolio of digital assets to generate returns.

ASIC said neither Creigh nor Panacea Capital held an AFS licence, or operated as authorised representatives, during the period when the crypto fund was active. Creigh is facing one charge under section 911A(1) of the Corporations Act 2001 and one charge under section 400.3(1) of the Criminal Code in relation to alleged proceeds of crime worth $4.4 million.

Prosecution process and regulatory implications

The matter is being prosecuted by the Office of the Director of Public Prosecutions, following ASIC's referral of a criminal brief. On 19 October 2026, the court granted Creigh conditional bail.

The maximum penalty for carrying on a financial services business without an Australian financial services licence is five years' imprisonment, a fine of $133,200, or both. The maximum penalty for dealing with proceeds of crime worth $1 million or more, where the person believes it to be the proceeds of crime, is 25 years' imprisonment, a fine of $333,000, or both.

The charges follow earlier regulatory action connected to the same fund. In March 2024, Creigh was permanently banned from providing financial services in respect of conduct linked to the Crypto Fund, underscoring the regulatory risks facing operators of unlicensed digital asset investment products in Australia.

Our earlier coverage of Chariot Claims’ $10 million Series A detailed how the legal-tech startup is using AI and a hybrid human-review model to help law firms process mass arbitration and other high-volume consumer disputes. We also noted that funding for legal tech has remained elevated, enabling firms like Chariot to scale automation for eligibility screening, research, and claim intake amid rising attention to privacy, hidden fees, and subscription complaints.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.