The Equilux Lightweb, touted as a safer and ethical alternative to the dark web, has yet to launch after 12 years of development and $19 million raised from around 2,000 investors. Many backers are now withdrawing their support after discovering that the founder, David Stryker, is actually David Dayan Sevelle, a man previously sanctioned by the Australian Securities and Investments Commission (ASIC).

Sevelle, who currently resides in Thailand, was sued by ASIC in 2006 for operating an unregistered investment scheme that resulted in losses of $13 million for 70 investors. ASIC shut down his scheme and imposed permanent bans on him from providing financial advice or operating financial services. The agency has confirmed it is conducting preliminary inquiries into the Lightweb project.

The Lightweb claims to offer a platform that requires user identity verification to combat online crime. David Coffey, a Sydney investor who contributed $160,000, expressed his concerns after learning about Sevelle's past. "He [Sevelle] moved to Thailand, which really raised a hell of a lot of eyebrows," Coffey said. "Then we found out about the ASIC stuff and I started to get really uneasy."

Sevelle declined an interview but provided written responses, stating he uses the name David Stryker as a professional alias to protect his identity and business interests. He compared his situation to that of celebrities who use stage names, asserting, "I have never hidden behind this name."

Participants in the Lightweb project have not purchased shares but have pre-ordered advertising slots, known as broadcast certificates, for the platform's future launch. This structure allows the venture to operate without requiring a financial services license, resulting in less regulatory oversight. An internal document from 2017 projected that these certificates would sell for significantly more than their original price, although Sevelle denied promising fixed returns.

The Lightweb has announced plans to create its own virtual currency, StrykerCoin, but has missed multiple launch deadlines, including a recent target of May. Sevelle attributed the delays to various external factors, including the COVID-19 pandemic and funding challenges. He expects the platform to launch within 90 days after resolving a trademark issue.

Sevelle's business operations are registered in multiple countries, including Australia and the UK, with his wife, Noppakao Yingnok, listed as the sole director of several companies associated with the Lightweb. Concerns have grown among investors since Sevelle and Yingnok moved to Thailand in early 2023, coinciding with revelations about his true identity and past.

In 2006, ASIC accused Sevelle of misleading clients and improperly assisting them in obtaining loans for investments in a property venture. The court later found that he had misused company funds for personal expenses, including luxury items and cash withdrawals. Many investors, who had borrowed against their homes to invest, suffered significant financial losses.

Sevelle maintains that there was no wrongdoing in the collapse of his previous venture and claims that his past issues stemmed from a technical accounting error. He expressed regret for not disclosing his real identity earlier in the Lightweb recruitment process, stating, "I had been treated like a pariah for no reason other than one technical accounting glitch." As the situation unfolds, investors remain wary of the Lightweb's future.