USGFX entered in to voluntary administration on 8 July with Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd appointed as administrator. Later on ASIC suspended the company’s Australian Financial Services licence until 23 September. The board of the UK division, USG UK announced that USG Group resolved on 15 August and the FCA regulated USG UK…
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In early September the group sent an email to its clients stating: With fifteen years of experience, outstanding technology and steady management, Union Standard International Group has been supported and trusted by millions of traders across more than 130 countries. The email continued: Until now, we’ve almost completed the restructuring process and reached 97% of…
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Throughout the course of the investigation, Ho co-operated with ASIC, participated in voluntary interviews and provided documents. Ho also formally admitted to the offences and the facts regarding them. In recognition of this co-operation, Ho’s sentence was reduced by half. ASIC Deputy Chair Daniel Crennan QC commented: ASIC will take strong action against market misconduct…
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The Australian watchdog found that Bigatton provided unlicensed financial product advice. His conduct was also misleading and deceiving in promotion of BitConnect and the BitConnect Lending Platform. The Commission stated that Bigatton is not fit to provide financial services or adequately trained. Read More: ASIC bans Brisbane finance broker and cancels the license of Global…
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The ASIC also announced cancelling the Australian financial services (AFS) licence of Global Merces Funds Management Limited. The reason for the cancellation is that Global Merces is in liquidation. The license of the company was previously suspended after the company got external administrator appointed in January. Read More: Former CFS Private Wealth financial adviser sentenced…
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ASIC Deputy Chair Daniel Crennan QC said: As a financial adviser Mr Miller ought to have protected the interests of his clients. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges. Miller was a financial adviser of CFS between 2013…
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Sam Goh, Founder and CEO, Samtrade FX commented: Since incorporation, ensuring trust and confidence in every trade has been central in everything that we do. These added layers of regulation – on top of the existing licences that Samtrade FX already holds, reinforces our commitment toward setting the highest possible standards in corporate governance, trading…
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AFP Commander Investigations, Eastern Command, Kirsty Schofield commented: Transnational and serious organised crime groups are evolving. No longer do they target any specific crime type or commodity, they adapt to their environments by recruiting professional enablers to provide experience in the financial, legal or any other field they feel can earn them money. This investigation…
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Even though the licence is suspended, ASIC has allowed the administrators to conduct certain necessary activities under the licence during the suspension period, including to have in place a dispute resolution scheme and arrangements for compensating retail clients, to hold professional indemnity insurance and to allow the termination of existing arrangements with current clients of…
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The Australian regulator also alleges that Forex CT contravened a ban on conflicted remuneration under the Corporations Act by paying account manager bonuses primarily based on client “net deposits” (total client deposits less withdrawals) and failed to act in the best interests of clients. This may add a maximum civil penalty of $1,000,000 for the…
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