Exclusive: Damian McDowell resigns as CEO of USGFX-UK
FNG Exclusive… FNG has learned that Damian McDowell has resigned his position as CEO of Union Standard International Group Limited, the London based, FCA regulated arm of the USG Group.
The USG Group is best known in the FX and CFDs sector for the bankruptcy of its then-main operating arm USGFX in Australia in mid-2020. The USGFX bankruptcy is, more than two years later, still winding its way through administration with hundreds of millions of dollars in customer funds unaccounted for.
Damian McDowell joined USGFX-UK (which operates the usgfx.co.uk website) just over a year ago as CEO, replacing Simon Quirke. Before joining USGFX he served as the CEO of TIO Markets UK (first known when he joined in 2016 as FXPrimus Capital Markets UK). Previously he worked at KapSecure Asset Management (COO); as Director-Activ Trading at ICAP; and as a Fixed Income Trader at Marex Spectron.
Following Mr. McDowell’s departure, the only director remaining at the UK company is Soe Hein Minn, the company’s controlling shareholder who remains at large and in contempt of court in Australia for refusing to cooperate and help the administrators of USGFX Australia locate and return client funds.