"Ethical" Internet Scheme Founder Suspends Refunds Amid Controversy

The founder of the "ethical" internet scheme, Equilux Lightweb, has suspended refunds indefinitely after a crisis meeting. The platform, which has received $19 million from 2,000 customers, has yet to launch. The founder, David Sevelle, is considering a class action against the ABC, which reported on concerns over his past dealings with the corporate regulator. Sevelle claims the ABC's reporting is "class war" and has suspended refunds while he investigates his legal rights.

The founder of the Equilux Lightweb, David Sevelle, has indefinitely suspended refunds to its 2,000 customers following a crisis meeting. The platform, which has received $19 million in funding, has yet to launch. Sevelle has expressed concerns over the Australian Broadcasting Corporation's (ABC) reporting on his past dealings with the corporate regulator, the Australian Securities and Investments Commission (ASIC). He has threatened a class action against the ABC and suspended refunds while investigating his legal rights.

Sevelle's Lightweb project has been criticized for its delays and lack of transparency. The platform claims to be an "ethical" version of the internet, requiring users to verify their identity to combat online criminals. However, many customers have grown disillusioned with the project's progress and the true identity of its founder.

Sevelle, who has been operating under the name David Stryker, has a history with ASIC. In 2006, ASIC sued him for running an unregistered investment scheme that left 70 investors out of pocket by $13 million. Sevelle was banned permanently from providing financial advice and dealing in financial products. He claims that the ABC's reporting is "class war" and that he has not lied about his real identity.

The Lightweb project has faced multiple delays, including the COVID-19 pandemic and cost-of-living crisis. Sevelle has been holding weekly "meritocratic" training sessions over Zoom, teaching his followers how to behave morally for when the platform launches. However, the platform still does not have an active website or product.

Customers involved in the Lightweb scheme have not been buying shares but have been pre-purchasing advertising slots, called broadcast certificates, for when the platform goes live. This means the venture is technically not an investment scheme and does not require a financial services license.

Sevelle's wife, Noppakao Yingnok, is registered as the sole director of the Lightweb companies. Sevelle shares responsibilities between himself, the leadership team, the consulting team, and his wife in managing the businesses.

Concerns among Lightweb members mounted when Sevelle and Yingnok moved overseas to Thailand permanently in early 2023. Around the same time, news of Sevelle's real identity broke among his supporters, and his past was laid bare.

References:
[1] https://www.abc.net.au/news/2025-08-07/david-sevelle-unmasked-as-lightweb-internet-scheme-founder/105580836