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Abstract：Singapore’s authorities have come down hard on broker Samtrade FX with all trading services being suspended and three so far unnamed people with links to the firm arrested. The Monetary Authority of Singapore (MAS) and Singapore Police acted after the broker’s name appeared on the Investor Alert List that the regulator operates. The investigation, which started on 28th December, has already taken positive action.
Companies within the Samtrade FX corporate group operate out of Singapore; however, none are actually licensed by MAS. As it is an ‘overseas’ broker, the firms clients will now be trying to unpick the complicated corporate structure to establish what recourse they have. SAM Trade is incorporated in Saint Vincent and the Grenadines and is registered under number 25290 IBC 2019 by the Registrar of International Business Companies. The authorities are taking action against Samtrade FX Limited, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd., which have links to Singapore.
With some work needing to be done to get to the bottom of the situation, the bad news for anyone who has been using the platform is that all activities are suspended. This includes withdrawals of funds, and in a statement released on their website on 3rd January, the firm stated:
“We will be taking immediate steps to suspend local and overseas business operations of our key operating entities and other affiliated entities, including but not limited to account opening, account changes, settlements, payments, opening and closing of trades.”
One of the most painful experiences for out-of-pocket traders is when hopes are raised that funds will be returned only to find that doesn‘t happen. Statements from the firm indicate remaining key staff are cooperating with the authorities. This is a relatively positive point as it appears they haven’t left the country with suitcases full of cash.
In a further statement on their website, the broker says:
“We and our officers will co-operate fully and render all assistance to the Authorities in their investigations.”
A decision has also been made to bring in “Mr Goh Thien Phong from GTP Advisory PAC and Mr Chan Kheng Tek from PricewaterhouseCoopers Advisory Services Pte Ltd” who will jointly work as interim judicial managers (IJMs) to “independently and professionally oversee all matters and affairs relating to these entities.”
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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