ASIC stated that EuropeFX and TradeFred:
- provided personal advice to clients without licence to do so;
- made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect; failing to adequately explain or disclose to clients the risks involved in investing in its financial products.
- engaged in unconscionable conduct, such as high-pressure sales tactics to encourage clients to deposit more money; facilitating trading by clients who were at a disadvantage.
ASIC also claims Union Standard:
- is liable for the conduct of its corporate authorised representatives as Australian financial services licensee;
- made false or misleading representations to potential clients.
ASIC is seeking a relief including declarations of contraventions and pecuniary penalties.
The FX broker USGFX and BrightAU Capital Pty Ltd are in liquidation. ASIC suspended USGFX’s AFS licence in July and BRI Ferrier (NSW) Pty Ltd were appointed as administrators of the company.
The post Asic Sues Usgfx and representatives for providing FX services in China appeared first on LeapRate.
