Bankrupt FX broker USGFX waves goodbye to owner of its UK division as he loses his investment

UK entity of belly-up FX brokerage USGFX has terminated company owner Mr Hein Soe Min as director, whose personal losses may amount to the tune of £814,000

Just one and a half months after troubled retail FX brokerage USGFX entered administration and had its license suspended by the Australian Securities and Investments Commission (ASIC), its contingent in the Northern Hemisphere begins to recede.

This week, Hein Min Soe, the Director with significant control of the UK division of Union Standard International Group, the holdings company that operates as USGFX, had his position terminated as per a filing at Companies House, the government organization to which all private and publicly held limited companies in the UK report.

Mr Min Soe was appointed Director in December 2019, and in April 2020, he was made ‘person with significant control’ under his directorship of the UK company, after buying £814,000 of shares in the UK division.

Mr Min Soe remains Director of USGFX’s Australian division, which is registered at G03, 135 Macquarie Street, Sydney, New South Wales, Australia, with the entire company under the auspices of administration following its insolvency.

USGFX’s UK division was incorporated in March 2017, with Paul Inkster having left his directorship position at Shift Forex to join Walbrook Capital Markets, subsequently leaving to become CEO of the UK division of USGFX.

At this time, Mr Inkster was registered as Director of USGFX’s UK division, which was relatively short lived as Mr Inkster stood down in June 2018 and was terminated as a Director of the company.

Mr Inkster had joined the company with good credentials indeed. Prior to his leadership position at Walbrook Capital Markets which was was based in London following the consultancy’s opening of a London office in May 2015, Mr Inkster had been a Sales & Marketing Consultant at Integrated Publishing Solutions for one year, preceded by 5 years as Director of Barclays Wealth & Investment Management.

Having founded his own consultancy in September 2013, Mr. Inkster left Barclays to concentrate on his new venture.

Mr. Inkster then joined Walbrook Capital Markets represents a move back into the brokerage business, Walbrook Capital Markets being a London based FX and CFD company that was previously known as FXCM Securities.

Mr Soe Min took over the directorship of the UK division of USGFX in December 2019 after a few very short stints by British executives of the company following Mr Inkster’s exit.

Burmese national Mr Soe Min, despite being the owner of the company, has been silent during the woes that face USGFX, as has former CEO Shay Zakheim, an Israeli national residing in Australia who was previously very much engaged in furthering strategic partnerships, and was a regular attendee to conferences. Mr Zakheim resigned as CEO when the administrators took over in August 2020.

As is often the case with British Limited Companies that are owned by non-residents, Mr Soe Min has his address at Companies House as C/O Buzzacott Llp, 130 Wood Street, London, United Kingdom, EC2V 6DL, a lawyer’s office which is common practice, therefore it is very unlikely that he will be affected personally by any administrative action that could find its way to the door of the UK entity as he has never resided in the UK.

As FinanceFeeds has reported, back in December 2019, the Federal Court in Sydney issued interim asset restraint orders against Corporate Authorised Representatives of OTC derivatives provider Union Standard International Group Pty Ltd, trading as USGFX. ASIC 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.

Read this next

blockdag

BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.

blockdag

BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.

blockdag

BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

Retail FX

True Forex Funds now offers Match-Trader and cTrader platforms

Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.

Retail FX

CySEC hits FXORO parent with €360,000 fine

The Cyprus Securities and Exchange Commission (CySEC) has fined MCA Intelifunds, trading as FXORO, a total of €360,000 for multiple violations of the Cypriot investment laws.  

Digital Assets

Binance’s CZ in good mood ahead of sentencing, says partner

Yi He, co-founder of cryptocurrency giant Binance, has shared a positive outlook on the legal situation of the exchange’s former CEO, Changpeng Zhao. Zhao is currently awaiting a sentencing hearing scheduled for April 30 in the United States.

<