Singapore police arrest 3 Samtrade FX execs amid unlicensed operating probe

Singapore’s financial regulator the Monetary Authority of Singapore (MAS) has announced that together with the Singapore Police Force it has launched an investigation of offshore online broker Samtrade FX, and its related entities in Singapore.

The Commercial Affairs Department (CAD) of the Singapore Police Force and the MAS launched the joint investigation into Samtrade FX, run by Samtrade FX Limited, which technically is registered in St Vincent and the Grenadines. However we understand, as we reported at FNG last year, that Samtrade is operationally run mainly from Singapore. The investigation into the company and its related Singapore entities Samtrade FX LLP and Samtrade FX (SG) Pte Ltd was formally launched on 28 December 2021.

Samtrade FX Limited and its related entities are not licensed by the MAS, and have been placed on the MAS’ Investor Alert List since July 2021.

The regulator said that Samtrade FX and its related entities are currently being investigated for potential offences under Section 82 of the Securities and Futures Act 2001, which prohibits any person from carrying on a business in any regulated activity without a capital markets services license. 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.

Sam Goh

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