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Monday, April 15, 2024

$8M Loss As a substitute of 150% Revenue: Crypto Director Banned


The
Australian Securities and Investments Fee (ASIC) has completely banned
Brian Jacques Creigh, director of Panacea Capital Pty Ltd, from offering
monetary companies or being concerned in any monetary companies enterprise.

The
resolution 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 supplied reality sheets to traders that contained
false and deceptive info, 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 actual fact
sheets additionally advised that Panacea Capital comprised groups of individuals with
sure expertise and information when, in actuality, the one staff have been Creigh
and one different individual.

Creigh
transferred funds invested within the Crypto Fund abroad to put money into 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 did not 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 powerful message of deterrence to others,” Alan Kirkland, the ASIC Commissioner, commented throughout APAC’s Coverage Week.

Moreover,
ASIC found that Creigh acted dishonestly and with a scarcity of integrity,
trustworthiness, and judgment when he operated the Crypto Fund realizing he was
not licensed to take action, supplied false proof throughout an ASIC examination, informed
traders to not cooperate with ASIC’s investigation, and created a fictitious
Head of Consumer Providers to speak with traders.

Creigh has
the precise to enchantment ASIC’s resolution 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 20% return on funding. Hala, from
Redbank Plains, Queensland, confronted allegations of providing unlicensed monetary
companies by way of his firm, A One Multi Providers Pty Ltd.

ASIC Wipes Out 3,500
Fraudulent Funding Web sites

Two weeks
in the past, the Australian regulator reported vital progress in its crackdown on
funding scams. Current knowledge highlights that since implementing
ASIC’s web site takedown functionality in July 2023, the regulatory physique has
efficiently dismantled almost 3,500 fraudulent funding web sites.

In one other vital
improvement, David Sipina has admitted guilt to 2 prison expenses related
to his function 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 underneath 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 have been
really used for buying and selling. Many of the capital from new traders was
as a substitute directed to repay earlier members, typifying the operations of a
Ponzi scheme.

The
Australian Securities and Investments Fee (ASIC) has completely banned
Brian Jacques Creigh, director of Panacea Capital Pty Ltd, from offering
monetary companies or being concerned in any monetary companies enterprise.

The
resolution 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 supplied reality sheets to traders that contained
false and deceptive info, 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 actual fact
sheets additionally advised that Panacea Capital comprised groups of individuals with
sure expertise and information when, in actuality, the one staff have been Creigh
and one different individual.

Creigh
transferred funds invested within the Crypto Fund abroad to put money into 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 did not 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 powerful message of deterrence to others,” Alan Kirkland, the ASIC Commissioner, commented throughout APAC’s Coverage Week.

Moreover,
ASIC found that Creigh acted dishonestly and with a scarcity of integrity,
trustworthiness, and judgment when he operated the Crypto Fund realizing he was
not licensed to take action, supplied false proof throughout an ASIC examination, informed
traders to not cooperate with ASIC’s investigation, and created a fictitious
Head of Consumer Providers to speak with traders.

Creigh has
the precise to enchantment ASIC’s resolution 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 20% return on funding. Hala, from
Redbank Plains, Queensland, confronted allegations of providing unlicensed monetary
companies by way of his firm, A One Multi Providers Pty Ltd.

ASIC Wipes Out 3,500
Fraudulent Funding Web sites

Two weeks
in the past, the Australian regulator reported vital progress in its crackdown on
funding scams. Current knowledge highlights that since implementing
ASIC’s web site takedown functionality in July 2023, the regulatory physique has
efficiently dismantled almost 3,500 fraudulent funding web sites.

In one other vital
improvement, David Sipina has admitted guilt to 2 prison expenses related
to his function 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 underneath 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 have been
really used for buying and selling. Many of the capital from new traders was
as a substitute directed to repay earlier members, typifying the operations of a
Ponzi scheme.



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