Samtrade FX withdrawals Blocked Millions trapped on their broker

jackralph96

Recruit
Messages
11
Hi Everyone,

I haven't seen any threads regarding this yet but the large broker SamtradeFX has become under investigation of the MAS in Singapore.


This has resulted in a cease of all operations according to the press release from Samtrade (https://www.samtradefx.com/news/corporate-statement-in-relation-to-media-release-3-jan-2022)

However, there is some very conflicting information going on which would suggest that a lot of traders on the platform specifically their (CopySam Service) can still trade even though everyone else is unable. As far as I've seen not anyone has been able to withdraw funds from the platform

People are frantically trying to find any scrap of information regarding the situation and I thought I would start this thread here to compile any facts or information we can regarding the situation.

I myself have funds trapped at the broker,

If anyone else is like myself feel free to post any information you can on this case.
 

jackralph96

Recruit
Messages
11
Wu Mingda: 1. Director ST Asset Management previously Samtrade FX UK 2. Also director in GIB Group

This might be the largest ponzi scam ever consieved.
 

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jackralph96

Recruit
Messages
11
Wu Mingda: 1. Director ST Asset Management previously Samtrade FX UK 2. Also director in GIB Group

This might be the largest ponzi scam ever consieved.
Seems Samtradefx claim to have nothing to do with this person and company and they actually stole their ASIC license details for GIB.

However, this doesn't excuse the fact that we are still stuck on Samtrade with this investigation into the current fraud situation.
 

oscarra

2nd Lieutenant
Messages
1,261
Seems Samtradefx claim to have nothing to do with this person and company and they actually stole their ASIC license details for GIB.

However, this doesn't excuse the fact that we are still stuck on Samtrade with this investigation into the current fraud situation.

well, what does SINGAPORE POLICE FORCE say :oops:

" If you choose to deal with unregulated entities or persons, you will forgo the protection under MAS’ regulations.
 

jackralph96

Recruit
Messages
11
well, what does SINGAPORE POLICE FORCE say :oops:

" If you choose to deal with unregulated entities or persons, you will forgo the protection under MAS’ regulations.
Well, I'm from the UK so I most likely wouldn't be covered under this, to begin with. Sadly I'm a copy investor of the FIN888 trading service which as far as we know could actually be run by S.A.M trade themselves but there is very little info currently. 3 Officials have been arrested and one is believed to be Sam Goh the CEO of Samtrade. All operations have ceased as of right now and withdrawals are blocked but deposits are working as usual unsurprisingly. There has been a user that has called up the MAS regarding this situation and very little info is being given.
 

jackralph96

Recruit
Messages
11
Samtrade has now blocked deposits seems they may be handling this issue correctly. I will update when there is more info.
 

oscarra

2nd Lieutenant
Messages
1,261
There has been a user that has called up the MAS regarding this situation and very little info is being given.

...for sure they will not publish criminal investigations on Facebook

also a must report https://www.fca.org.uk/consumers/report-scam-us


WOW, one more Grenadines letter box broker, with all the legal brokers in the Uk you really need to be brave to send funds to people you don't know (sorry to say, next client funds will pay their Lawyers....Fines and Freedom...

ahh, again the MT4 main scammer tool :(
 

jackralph96

Recruit
Messages
11
...for sure they will not publish criminal investigations on Facebook

also a must report https://www.fca.org.uk/consumers/report-scam-us


WOW, one more Grenadines letter box broker, with all the legal brokers in the Uk you really need to be brave to send funds to people you don't know (sorry to say, next client funds will pay their Lawyers....Fines and Freedom...

ahh, again the MT4 main scammer tool :(
Some people speculate it's a ponzi however there has been no info to suggest it is. the broker has been around for a while and is ASIC regulated. I refuse to use FCA regulated brokers anymore due to the huge leverage restrictions for retail clients.
 

jackralph96

Recruit
Messages
11
...for sure they will not publish criminal investigations on Facebook

also a must report https://www.fca.org.uk/consumers/report-scam-us


WOW, one more Grenadines letter box broker, with all the legal brokers in the Uk you really need to be brave to send funds to people you don't know (sorry to say, next client funds will pay their Lawyers....Fines and Freedom...

ahh, again the MT4 main scammer tool :(
Also, that website is a referral website, not the official signup site.
 

oscarra

2nd Lieutenant
Messages
1,261
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