USGFX Warns Clients of Misleading Correspondence

​The administrator of Union Standard International Group Pty Ltd (In Liquidation) (“Company”) has issued a notice to its clients, warning them of the misleading correspondence regarding service outages and changes to the trading platform.

According to the administrator, that correspondence was not issued by it, nor was it authorised by the company's Liquidators, Peter Krejci and Andrew Cummins. However, that correspondence quotes key details of the Company, such as the AFSL, ACN, PDS, telephone, office address and terms & conditions.

The administrator presumed that the correspondence was issued by Union Standard Group International Holdings Limited, or other entities/parties acting for it. As such, it is potentially misleading to clients.

For clarity, Union Standard International Group Pty Ltd (In Liquidation) ceased trading on 8 July 2020. Clients of the Company were not authorised to enter in to new trades after that data, only to close-out existing positions.

The Australian Securities and Investment Commission (“ASIC”) has cancelled the Company's AFSL and the Liquidators' investigation into the affairs of USG group are ongoing.

“Clients should make their own enquiries and assessment of risks, should they choose to continue trading with other USG entities, in particular any offshore operations. There is no regulatory protection from the Liquidation or ASIC when dealing with any offshore USG entities.”

“Should clients have queries regarding the Liquidation or their claims against the Company, they should contact us at usg@brifnsw.com.au."