abstrak：Singapore's authorities have taken a harsh stance against broker Samtrade FX, suspending all trading services and arresting three unnamed individuals with ties to the firm. The Monetary Authority of Singapore (MAS) and Singapore Police took action after the broker's name appeared on the regulator's Investor Alert List. The investigation, which began on December 28th, has already yielded positive results.
Singapore's authorities have taken a harsh stance against broker Samtrade FX, suspending all trading services and arresting three unnamed individuals with ties to the firm. The Monetary Authority of Singapore (MAS) and Singapore Police took action after the broker's name appeared on the regulator's Investor Alert List. The investigation, which began on December 28th, has already yielded positive results.
What Comes Next for Samtrade FX and its Customers？
Companies in the Samtrade FX corporate group are based in Singapore, but none are MAS-licensed. As a 'overseas' broker, the firm's clients will now be attempting to unravel the complicated corporate structure in order to determine what recourse they have. SAM Trade is incorporated in Saint Vincent and the Grenadines and is registered with the Registrar of International Business Companies under the number 25290 IBC 2019.
The authorities are taking action against the Singapore-based Samtrade FX Limited, Samtrade FX LLP, and Samtrade FX (SG) Pte Ltd.
With some investigation required to get to the bottom of the situation, the bad news for anyone who has used the platform is that all activities have been halted.
This includes withdrawals of funds, and the firm stated in a statement posted on their website on January 3rd:
“We will take immediate steps to suspend our key operating entities' and other affiliated entities' local and overseas business operations, including but not limited to account opening, account changes, settlements, payments, and trade opening and closing.”
Will Samtrade FX give investors their money back？
One of the most painful experiences for out-of-pocket traders is when they raise hopes that their funds will be returned only to discover that this does not occur.
According to the firm's statements, the remaining key personnel are cooperating with authorities.
This is a relatively positive development because it appears they did not flee the country with suitcases full of cash.
According to a further statement on their website, the broker:
“We and our officers will fully cooperate and assist the authorities in their investigations.”
It has also been decided to appoint “Mr Goh Thien Phong from GTP Advisory PAC and Mr Chan Kheng Tek from PricewaterhouseCoopers Advisory Services Pte Ltd” as interim judicial managers (IJMs) to “independently and professionally oversee all matters and affairs relating to these entities.”
