ASIC on notice for inaccurate statements

7 January 2020

Union Standard International Group (USGFX) has put the Australian Securities and Investments Commission (ASIC) on notice that it may bring proceedings against it for damages arising from inaccuracies surrounding an announcement.

The multi-asset Australian foreign exchange and derivatives broker allege that ASIC’s announcement regarding the Federal Court’s asset restraint orders against two corporate authorised representatives of USGFX while the corporate watchdog pursued investigations failed to mention a number of key matters.  

“ASIC’s media release fails to mention a number of key matters, including that on 17 December, 2019 the Federal Court dismissed, effectively in full, the application as against USGFX,” USGFX said.

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“In doing so Justice Gleeson of the Federal Court was highly critical of ASIC’s application as against USGFX, which was not substantiated by the evidence provided to the court.”

The firm noted that ASIC said the court had imposed orders restricting the overseas travel of USGFX director, John Carlton Martin, but that despite ASIC’s attempts to restrict his travel Martin was permitted to travel overseas.

“ASIC had been advised as to the inaccuracies included in its media release and USGFX has put ASIC on notice that it may bring proceedings against it for damages arising from its conduct in this matter,” it said.




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Gosh - ASIC accussed of misleading people. I am surprised.... Lucky the Corp law does not apply to ASIC.

Can't our fearless industry bodies bring proceedings against ASIC for report 413 and subsequent LIF. ASIC admitted they got churn wrong and yet here we still are?? Oh wait the FSC members wouldn't want this and they are paying our fearless industry bodies.

Dear Anonymous. I think the issue is more problematic. Try naming one law that applies to ASIC. I have it in writing that ASIC do not even believe the privacy laws apply to them.... If you are outside the law then you can't be sued for breaking the law.....

Is this the same ASIC that only reveled half the facts about 2 Dover advisers who had there careers and reputations torn to shreds at the RC? And omitted to say they had reviewed their files and had given them an all clear prior to the RC. They sat and said nothing knowing what they new would paint a totally different picture. Ethics starts at the top Shippo.

this is great news. more legal proceedings are required, we all need to join together and bring lawsuits against asic. they are the worst and have ruined the whole financial planning industry. including many innocent, good advisers who have never done anything wrong who have become collateral damage.

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