The interim judicial managers for embattled offshore Retail FX broker Samtrade FX have issued a statement that there are parties posing as employees of Samtrade, or falsely claiming to be representatives of Samtrade, reaching out to investors on matters relating to the company.
Following the freezing of its operations and client withdrawals at the very beginning of 2022 amid the arrest of several members of its senior management, Samtrade FX filed to be placed in “judicial management” – the Singapore equivalent of administration. The interim judicial managers for Samtrade FX are former PwC partner Goh Thien Phong and his GTP Advisory PAC, which specializes in corporate restructuring and insolvency, and Chan Kheng Tek from PwC Singapore.
The administrators stated that these scammers have offered to help former Samtrade clients with, amongst other things, withdrawal requests, password resets and other account security related matters. They suggested that people contacted do not to respond to any such emails or otherwise communicate with these parties, and do not provide these parties with any personal or financial information. Also, avoid clicking on links included in any such emails, or the attachments, as doing so may result in malware or a virus being loaded on the recipient’s computer.
The preying on Samtrade FX clients comes as those clients are awaiting word on when (if ever) they will be able to recoup the money they had invested at the company. The action taken against Samtrade by Singapore’s financial regulator in cooperation with Singapore police was officially stated as coming because Samtrade FX was operating out of Singapore, without holding a financial services license in the country. However the authorities also noted that there is reason to suspect that irregular trading activities have been carried out on the platform.