ASIC Permanently Bans Panacea Capital Director Brian Jacques Creigh for Fraudulent Activities
Thursday, 21 March 2024, 15:00
ASIC Permanently Bans Panacea Capital Director
The Australian Securities and Investment Commission (ASIC) has permanently banned Brian Jacques Creigh, the director of Panacea Capital Pty Ltd., from participating in the financial services industry due to fraudulent activities.
How Panacea Capital Director Misled Investors
- Creigh falsely claimed Panacea Capital had an Australian Financial Services license
- Issued incorrect information in fact sheets, overstating fund's history and returns
- Investors faced significant losses totaling about $7.7 million due to fraudulent activities
ASIC tightened oversight of the crypto market amidst the forecast of crypto revenue growth in Australia, with the industry projected to rise to $1.65 billion by 2028. The regulatory body has been cracking down on misleading representations and fraudulent operations in the financial sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.