ASIC Bans EuropeFX Director for Five Years

Pedro Eduardo Sasso, formerly the director of Maxi EFX Global AU Pty Ltd (EuropeFX), has been barred by the Australian Securities and Investments Commission (ASIC) from holding a directorial position or controlling any financial services business for five years. The banning order, effective from May 6, 2024, follows ASIC's investigation into EuropeFX's operations, which revealed significant deficiencies in oversight and management under Mr. Sasso's leadership.

ASIC's decision is based on findings that Mr. Sasso exercised minimal oversight of EuropeFX's operations and failed to address various operational issues. Specifically, ASIC noted that Mr. Sasso neglected his supervisory responsibilities, abrogated control to offshore parties without proper monitoring, and did not adequately investigate or resolve client complaints. These lapses led ASIC to conclude that Mr. Sasso was neither competent nor fit to serve as an officer of a financial services entity.

Mr. Sasso's tenure as a director of EuropeFX began on March 28, 2018, and he became the sole director on April 30, 2019. During his time at the company, EuropeFX acted as a corporate authorised representative (CAR) of Union Standard International Group Pty Ltd (USG), which was subsequently liquidated in 2020. ASIC suspended USG's Australian Financial Services (AFS) licence in July 2020 and canceled it in September 2020. Following this, ASIC initiated legal action against USG and its former CARs, including EuropeFX, for various infractions.

On May 8, 2024, Mr. Sasso applied to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision, requesting stay and confidentiality orders. However, following an interlocutory hearing on June 25, 2024, the AAT issued a decision on July 23, 2024, denying Mr. Sasso's application for stay and confidentiality orders. His banning is now officially recorded on ASIC's banned and disqualified register.