ASIC secures orders against USGFX representatives

Maria Nikolova

The regulator has obtained interim asset restraint orders against Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred).

The Australian Securities & Investments Commission (ASIC) has earlier today announced that, pursuant to its application, the Federal Court in Sydney has issued interim asset restraint orders against Corporate Authorised Representatives of OTC derivatives provider Union Standard International Group Pty Ltd, trading as USGFX.

ASIC has sought the orders (pursuant to section 1323 of the Corporations Act) to protect customers while an investigation is underway.

On December 12, 2019, and December 17, 2019, the Court made orders against Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred), both of which are representatives of USGFX.

Also, on December 12, 2019, the Court issued asset restraint orders against USGFX on an ex parte basis. On December 17, 2019, those orders were vacated by the Court. USGFX gave an undertaking to the Court to keep amounts of AU$182,000 and US$53,067.33 in a separate bank account. No further asset restraint orders were made against USG.

The asset restraint orders imposed on EuropeFX and TradeFred do not prevent them from making payments in the ordinary course of business to customers or creditors, the regulator explains.

In addition, the Court imposed orders restricting the overseas travel of John Carlton Martin (director of USGFX and TradeFred). Pedro Eduardo Sasso (director of EuropeFX) gave an undertaking that he would notify the regulator before leaving Australia.

ASIC’s investigation continues. The regulator notes that there have been no findings of contraventions of the Corporations Act against any party.

The matter is due next before the court on February 17, 2020.

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