In our EuropeFX review just a short while ago, we delved deep to answer your million-dollar question: Is EuropeFX a legitimate company? Well, it is now confirmed, again. The Australian Securities and Investments Commission (ASIC) has officially shut down EuropeFX.
The director of EuropeFX, Pedro Eduardo Sasso, has had a court order for criminal charges. He is not allowed to leave Australia. All EuropeFX customers have been shifted to Union Standard International Group Pty Limited (USGFX).
It was found Mr. Sasso was using the license of USGFX to operate what is now a clear online trading scam.
That means USGFX is liable for all that has happened. It also means there’s never been a better time to gather up your cash and exit EuropeFX.
But if you are already burned or can’t withdraw your funds, make a quick, free booking here to recover your hard-earned money before USGFX collapses as well.
Take this as a matter of urgency. The sooner you get this figured out the better.
And here’s why we foresee USGFX landing into legal woes. And even shutting down with millions of dollars of unsuspecting customers’ money within no time.
ASIC is Investigating USGFX for its Links to Online Trading Scams
Using Section 1323 of the Corporations Act, ASIC sought court orders against both Maxi EFX Global Pty Limited and BrightAU Capital Pty Limited in late 2019.
The regulator had received 64 complaints, which prompted it into action. Those complaints have since increased to 85.
The regulator announced it wanted to protect customers of the two online trading entities. They were to do this as investigations into their suspicious business practices continued.
Now, note that Max EFX Global Pty Ltd trades as EuropeFX while BrightAU Global Pty Ltd trades as TradeFred.
Both of these entities are Corporate Authorised Representatives of USGFX.
On December 12, 2019, the Federal Court in Sydney made a huge move. It issued asset restraint orders against the company on an ex parte basis.
Five days later on December 17, 2020, the court vacated those orders. However, it maintained that criminal investigations against USGFX were in high-gear. The asset restraint orders issued against EuropeFX and TradeFred were maintained. The two were allowed to make payments to both customers and creditors “in the ordinary course of business”.
On that same day, USGFX gave an undertaking to the Federal Court. It was to set aside AUD 182,000 as well as USD 53,067.33 in a detached bank account.
Also, the directors of EuropeFX, USGFX, and TradeFred were barred from leaving Australia without notifying ASIC. Pedro Eduardo Sasso has been the director of EuropeFX. John Carlton Martin is the director of both USGFX and TradeFred.
The EuropeFX Scam: It Runs Deep
EuropeFX has over the years claimed it is licensed to operate in many markets, including Australia, where, in fact, it has been found to have been in operation without any licensing.
ASIC is quoted stating it had concerns USGFX, EuropeFX, and TradeFred were “systematically engaged in dishonest and unfair conduct” in their Australian operations.
The regulator went further to state the entities went as far as barring their customers from withdrawing funds from their own accounts.
Chinese authorities are also investigating all three companies. Why? For facilitating people based in China to break Chinese law when those people traded with the companies.
The Sydney Morning Herald, as well as The Age, confirmed that USGFX’s representatives in Taiwan had posted on social accounts some business cards with fake emails, a deceptive ASIC license number, and physical address, as well as lied about having an association with Commonwealth Bank.
The illegalities run deep as you’ll find out below.
Clever Affiliations and Endorsements
EuropeFX has affiliated itself with legitimate companies such as licensed and regulated payments processing companies and popular trading platform, MetaTrader4.
EuropeFX is also the official sponsor of the South Sydney Rabbitohs rugby team since July 2019.
It also claims to be licensed and regulated by the Cyprus Securities and Exchange Commission under the parent company, Max EFX Global Pty Ltd.
EuropeFX and its affiliated brands conspicuously don’t offer their services in heavily regulated markets such as the USA, Canada, and Israel.
And could it be that Ben Richter left EuropeFX for ClickaCRM after heading the Australian branch for less than a year because he knew EuropeFX was running an illegal scheme?
But it gets even more interesting.
The iSignThis and EuropeFX Scam Connection
iSignThis is a troubled tech company that is listed on the ASX. It provides payments and Know Your Customer (KYC) services to a host of online trading firms. In September 2018, iSignThis revealed that EuropeFX was a contracted merchant to them.
In November 2019, two iSignThis executives were arrested and charged with fraud in the US. The two were behind the AGM Markets scam that saw customers lose millions in a startling, illegal binary options scheme.
Here’s an interesting twist.
AGM markets had rented out its financial services license to proven binary options scam websites, OziFin and OT Markets, also two of iSignThis’ biggest customers.
Now, a similar case has emerged with regards to the USGFX, EuropeFX, and TradeFred case. USGFX may have also rented out its license to both EuropeFX and TradeFred to commit illegal online trading schemes.
iSignThis shares, which trade under ISX Ltd, have been suspended from trading on the ASX since October 2, 2019.
The ASX noted iSignThis was at the center of a bunch of online trading scams that had conned Australians more than $100 million. It also noted it made the decision independently. That it was not directed by the ASIC to do so.
Currently, iSignThis is under fire and a potential class-action suit for issuing exaggerated revenue and profit projections.
The Bottom Line: Recover Your Money Fast and Stay Away from These Scam Entities
So far, while criminal investigations against USGFX are currently ongoing, it is safe to say that USGFX is also a scam. Like EuropeFX, USGFX could burn your money if you don’t take the quick action of recovering your investment right away. The fastest way to get your money back is to use somebody who knows the regulations and the ins and outs of this industry.
Wealth Recovery Expert specializes in recovering money put into scam financial services and has helped dozens of traders like you from the USA, UK, Australia, and other countries to get their money back. Just schedule a free booking now to learn how to recover your money before USGFX goes to the dogs as well.