Thailand-focused, controversial CFD broker QRS Global has been "acquired by an international investment group" and has now gone live under a new brand name, Brex Capital, which recently appointed Sophie Squillacioti as its Chief Executive. The QRS brand recently came under fire as it was named in an alleged Thai forex trading scandal.
Everything Remains the Same, but the Owner
Squillacioti confirmed to Finance Magnates that "the trading infrastructure, services, and operations continue as before, with the primary change being the ownership and brand." She, however, did not reveal the identity of the new owners.
QRS's website is also redirecting all traffic to the Brex Capital website.
A QRS representative also confirmed that the redirection is due to a "takeover under the management of Brex Capital."
“Existing clients can continue using their current accounts as usual and do not need to register for new accounts,” the QRS representative continued. “In addition, our admin team will continue to provide the same high level of service and support as always.”
Like QRS, Brex Capital is a Comoros-registered entity. The new entity also appears to have a financial services provider license in South Africa, which only allows companies to promote locally and strictly prohibits market-making. Interestingly, the FSP license number is the same as the one held by another CFD broker, Ruby FX.
Squillacioti previously held roles at popular CFD brands such as Multibank, Equiti, Infonox, BDSwiss, BlackBull, and a few others. Her expertise appears to be in the Chinese and other Asian markets.
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A Politician, an Actor and Several Promoters
The controversy surrounding QRS became public in June when Thailand’s Department of Special Investigation (DSI) formally accepted a forex investment fraud case involving QRS and a few other CFD brands.
The high-profile case even involved an opposition member of the Thai parliament and an actor.
According to a Bangkok Post report, the Thai authorities arrested the CEO of QRS Global’s operator, who locally ran QRS Education Co Ltd, over her alleged role in the foreign investment scam.
The report stated that the person is facing multiple charges, including conspiracy to defraud the public, operating an unlicensed securities brokerage, operating an unauthorised futures trading business, importing false computer data, and money laundering.
Thai authorities also arrested other people involved in promoting the alleged forex investment fraud.
