Panacea Capital Director Brian Creigh Faces Criminal Charges Over Unlicensed Crypto Fund

Brian Jacques Creigh, a director of Panacea Capital Pty Ltd, has been charged with carrying on a financial services business without an Australian Financial Services (AFS) licence and with dealing with proceeds of crime, according to the Australian Securities and Investments Commission (ASIC). The charges were laid in the Melbourne Magistrates’ Court on 19 October 2026.

ASIC alleges that between 22 April 2021 and 17 June 2022, Creigh offered a digital asset-based investment product called the Panacea Capital Cryptocurrency Investment Fund (Crypto Fund) through Panacea Capital. The fund was purportedly intended to invest in a diversified portfolio of digital assets to generate returns.

Neither Creigh nor Panacea Capital held an AFS licence or were authorised representatives during the period the Crypto Fund was in operation, ASIC said.

Creigh faces one charge of carrying on a financial services business without a licence under section 911A(1) of the Corporations Act 2001 (Cth) and one charge of dealing in proceeds of crime worth $1 million or more under section 400.3(1) of the Criminal Code (Cth), in relation to $4.4 million in investments made in the unlicensed business.

The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) following a referral of a criminal brief by ASIC. The court granted Creigh conditional bail on 19 October 2026.

The maximum penalty for carrying on a financial services business without an AFS 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 them to be proceeds of crime, is 25 years’ imprisonment, a fine of $333,000, or both.

In March 2024, Creigh was permanently banned from providing financial services in connection with conduct related to the Crypto Fund.