Three Arrested as Samtrade FX Suspends Operations

Justin Freeman

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.

Three Arrested as Samtrade FX Suspends Operations

As per the MAS official announcement:

“There is reason to suspect that irregular trading activities have been carried out on the platform, and investigations are being carried out on these activities.”

What Next For Samtrade FX and its Clients?

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 firm’s 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.”

Will Investors Get Their Money Back From Samtrade FX?

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.”

 

Crowdsourcing information about scam brokers can help others avoid falling into the traps set by disreputable brokers and you can share your experiences here. If you want to know more about this particular topic, or have been scammed by a fraudulent broker, you can also contact us at [email protected]


Justin Freeman

Latest news

Are NFTs Really The Next Big Thing?
For many, non-fungible tokens (NFTs) look very much like the next big thing. Read more
Is the Regulatory Clampdown on Crypto The Cause of Lower Prices?
Bitcoin and Ethereum, the two flagships of the cryptocurrency market, have recently seen their prices go into a tailspin. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2011 Global CFD & FX Broker
Number One Broker
BEST FOREX BROKER Visit broker
5
#2 BlackBull Markets LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#3 Your capital is at risk Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 Forex Broker eToro Logo67% of CFD traders lose Founded: 2006 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#5 Forex Broker Pepperstone LogoBetween 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9

    Forex Fraud Certified Brokers

    IQ Option Logo
    investous logo
    City Index Logo
    Pepperstone Logo
    ATFX Logo
    Forex.com Logo
    Exness Small Logo
    OctaFX Logo
    Plus500 Small Logo
    IC Markets Logo
    BlackBull Markets Logo
    FXTM Logo
    AvaTrade logo
    LegacyFX Small Logo
    skilling logo
    HYCM Logo
    XM Logo