ASIC reveals orders to freeze USGFX assets

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ASIC reveals orders to freeze USGFX assets

The Australian Securities and Investments Commission (ASIC) announced earlier today that, at its request, the Federal Court in Sydney has issued provisional asset freeze orders against authorized representatives of Union Standard Group Pty Ltd, known as USGFX.

On December 12, 2019 and December 17, 2019 ASIC sought asset freeze orders in court against Maxi EFX Global AU Pty Ltd (known as EuropeFX) and BrightAU Capital Pty Ltd (known as TradeFred), both representatives of USGFX (as per Section 1323 of the Companies Act) To protect customers while conducting an investigation.

Also, on December 12, 2019, the court issued asset freeze orders against USGFx. On December 17, 2019, the court overturned those orders. USGFX has made a court pledge to keep the sums of $182,000 and $53,067.33 in a separate bank account. No other orders for asset restrictions were issued against USGFx. The regulator clarified that the asset restriction orders placed on EuropeFX and TradeFred do not prevent them from making payments in the normal course of business of clients or creditors.

In addition, the court imposed orders restricting overseas travel for John Carlton Martin (Director of USGFX and TradeFred). Pedro Eduardo Sasso (EuropeFX Director) has given a pledge to notify the regulator before he leaves Australia. ASIC said the investigation is still ongoing. The regulatory body indicates that there have been no violations so far of the Companies Law against any party. The matter is scheduled to end before the court on February 17, 2020.

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