ASIC has applied to the Federal Court in Sydney for orders (pursuant to section 1323 of the Corporations Act) to protect customers while an investigation is underway.
On 12 and 17 December 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 Corporate Authorised Representatives of Union Standard International Group Pty Ltd (trading as USGFX) (AFSL 302792).
On 12 December 2019, the Court also made asset restraint orders against USGFX on an ex parte basis. On 17 December 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 Court also 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 ASIC prior to leaving Australia.
ASIC’s investigation is ongoing. There have been no findings of contraventions of the Corporations Act against any party.
The matter is next before the court on 17 February 2020.