FNG Exclusive… FNG has learned that Simon Quirke has left his position as CEO of Union Standard International Group Limited, the London based, FCA-regulated arm of embattled Retail FX group USGFX.
Simon Quirke had been with USGFX-UK since 2018, and also acted as the company’s compliance officer. He had previously worked at Credit Suisse, Lehman Brothers, Lionhart, Iridium Asset Management, India Infoline Group, and regulatory consultant Miura Development.
The move leaves USG Group controlling shareholder Soe Hein Min as the sole director of the UK company. Globally, USGFX has been in the process of rebranding to USGForex.com, to distance itself from the ongoing bankruptcy and liquidation of the group’s former crown jewel, USGFX Australia. (The usgfx.com url is owned by the bankrupt Australia company and has thus been made inactive, another reason for the group to move away from the “USGFX” name). USGForex.com now presents as an offshore St. Vincent and Grenadines company.
At some point following the bankruptcy of USGFX Australia in mid 2020 the group had said that it would look to move its global headquarters and nexus to London, but that doesn’t seem to have actually occurred. Controlling shareholder Soe Hein Min is reportedly resident in Myanmar and remains in contempt of court in Australia for refusing to cooperate with the USGFX Australia liquidators. The USGFX Australia bankruptcy, which apparently includes tens if not hundreds of millions of unaccounted-for client funds, has hurt the USGFX brand and made it difficult for Mr. Quirke and his team to successfully run their UK-based operation with (effectively) the same name.