ASIC Referral Leads to Criminal Charges Against Panacea Capital Director Brian Creigh

A Queensland company director has been charged with running an unlicensed financial services business and dealing with the proceeds of crime, in a case that centres on a cryptocurrency investment fund that took in $4.4 million. According to ASIC, Brian Jacques Creigh, of Morton Bay in Queensland, faced the Melbourne Magistrates' Court on 19 October 2026.

The charges follow a criminal brief referred by the Australian Securities and Investments Commission (ASIC), the corporate regulator, to the Commonwealth Director of Public Prosecutions, which is now running the case.

Contents

01

What the Regulator Alleges

02

Bail Granted as Case Proceeds

03

Earlier Ban Sets the Background

04

Why It Matters for Retail Investors

What the Regulator Alleges

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

The regulator says neither Mr Creigh nor Panacea Capital held an Australian Financial Services (AFS) licence, or acted as authorised representatives, during the period the Crypto Fund was in operation. An AFS licence is the permission the law requires before a business can provide financial services to Australians, and operating without one is itself a criminal offence under the Corporations Act 2001.

Mr Creigh is facing two charges. The first is one count of carrying on a financial services business without a licence under section 911A(1) of the Corporations Act 2001 (Cth). The second is one count of dealing in the proceeds of crime worth $1 million or more under section 400.3(1) of the Criminal Code (Cth), brought in relation to the $4.4 million said to have been invested in the unlicensed business.

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 it to be the proceeds of crime, is 25 years' imprisonment, a fine of $333,000, or both. Maximum penalties are ceilings set by law and are not a prediction of the outcome in any particular case.

Bail Granted as Case Proceeds

On the same day the charges were laid, the court granted Mr Creigh conditional bail. The matter has been referred onward for prosecution by the Office of the Director of Public Prosecutions (Cth), which handles Commonwealth criminal matters.

The charges are allegations that have yet to be tested in court, and the case now moves through the criminal justice system rather than the civil or administrative processes ASIC more commonly uses.

Earlier Ban Sets the Background

The criminal case follows earlier regulatory action. In March 2024, ASIC permanently banned Mr Creigh from providing financial services in respect of conduct connected to the Crypto Fund, a decision recorded in the regulator's media release 24-054MR.

A permanent ban of that kind stops a person from carrying on a financial services business or performing certain roles in the sector. The criminal charges announced this week sit alongside that ban and concern the alleged conduct itself.

Why It Matters for Retail Investors

For Australian retail investors, including those who trade foreign exchange, the case is a reminder that licensing status is a basic check before money changes hands. ASIC maintains a register that lets the public confirm whether a firm or individual holds an AFS licence or is an authorised representative, and the regulator has repeatedly urged investors to use it before committing funds.

The allegations also touch on digital assets, a category that has drawn increasing regulatory attention in Australia. The Crypto Fund was described as investing in a diversified portfolio of digital assets, a structure that can be difficult for ordinary investors to assess without clear disclosure and oversight.

Nothing in the ASIC release links the charges to movements in the Australian dollar or to broader market conditions, and the release makes no statement about the effect of the case on financial markets. The matter concerns alleged conduct by an individual and a private company rather than a licensed market participant.

The case is next expected to return to court, with the prosecution now in the hands of the Commonwealth DPP. For now, the key facts are the two charges, the $4.4 million figure at the centre of the proceeds-of-crime count, the conditional bail granted on 19 October 2026, and the permanent ban imposed in March 2024.