Australia imposes $211M fine on collapsed broker Union Standard, representatives

Australia's Federal Court has imposed a record A$300.2 million ($211.37 million) penalty on collapsed forex broker Union Standard International and its representatives. ASIC said the companies targeted inexperienced investors between 2018 and 2020, encouraging them to deposit more funds while profiting from their losses. Customers of EuropeFX and TradeFred reportedly lost more than A$83 million. The regulator described the judgment as the largest penalty ever secured in an ASIC case and said it sends a strong warning to firms involved in misconduct in the retail trading sector.