ASIC charges Panacea Capital director over alleged unlicensed crypto investment fund and $4.4M proceeds

What happened

FX News Group reported on 20 October 2026 that Brian Jacques Creigh, a director of Panacea Capital Pty Ltd, was charged in the Melbourne Magistrates' Court on 19 October 2026 following an Australian Securities and Investments Commission (ASIC) investigation. ASIC alleges that between 22 April 2021 and 17 June 2022 he offered the 'Panacea Capital Cryptocurrency Investment Fund' through Panacea Capital Pty Ltd without holding an Australian financial services licence. He also faces one charge of dealing in proceeds of crime worth $1 million or more, which ASIC alleges relates to about $4.4 million in investments. He was granted conditional bail. According to the report, he was banned by ASIC in March 2024. The charges are allegations and have not been proven in court.

What the case is about

According to the report, the fund's stated purpose was to invest in a diversified portfolio of digital assets to generate returns. ASIC alleges that neither Mr Creigh nor Panacea Capital held an Australian financial services licence or were authorised representatives while the fund was operating. He faces one charge of carrying on a financial services business without a licence under section 911A(1) of the Corporations Act 2001 and one charge under section 400.3(1) of the Criminal Code of dealing in proceeds of crime worth $1 million or more, relating to $4.4 million in investments made in the allegedly unlicensed business. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.

The maximum penalty for carrying on a financial services business without a 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, believing it to be proceeds of crime, is 25 years' imprisonment, a fine of $333,000, or both. In March 2024 ASIC permanently banned Mr Creigh from providing financial services in connection with conduct relating to the fund. He has not been convicted, and the charges will be decided by the court.

For investors, the lesson is general: in Australia, anyone offering a financial product such as a managed crypto fund needs a licence or must act as an authorised representative, which can be checked on ASIC's professional registers before investing.

Source

FX News Group, "Panacea Capital director faces criminal charges" (published 20 October 2026).