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Place a request to remove worthless shares from the account via broker...
No concern about being 'stuck' with worthless shares...
Or perhaps to "Caveat Emptor". In either case, this ticker will be very difficult to either buy or sell on either tier.
Next downgrade will be to the expert market.
Or perhaps to "Caveat Emptor". In either case, this ticker will be very difficult to either buy or sell on either tier.
SMFX finally downgraded to Pink Limited.
Took OTC Markets 5+ weeks to downgrade SMFX. Their fins were due Jan. 14, 2022.
Another example of OTC Markets incompetence.
Facts matter… ex: J6 defendants…
As for late filing, I’m not sure when but a warning will hit before a suspension.
As for what’s going on in Singapore just going have wait on a reliable source for information.
‘Do you really think that the company had been forced to stop deposits and withdrawals unless there was proofs?
Do you think they would have been able to provide proof that they were innocent during the last 6 weeks so the business could have been up and running again?
I understand that you really want me to be wrong, you have invested in this company and don't want to accept that I might be right.
Time to start thinking realistic and just accept.’
Do you really think that the company had been forced to stop deposits and withdrawals unless there was proofs?
Do you think they would have been able to provide proof that they were innocent during the last 6 weeks so the business could have been up and running again?
I understand that you really want me to be wrong, you have invested in this company and don't want to accept that I might be right.
Time to start thinking realistic and just accept.
Do really want those in power over us making decisions without all the facts? Because want to see failure is not reason enough…
‘ I wonder how long OTC will accept it.
No report
Management in prison
Funds missing from customers
No software so the company can't earn money
Staff that needs to be paid
Would never have been accepted to be traded on any other marke’
I wonder how long OTC will accept it.
No report
Management in prison
Funds missing from customers
No software so the company can't earn money
Staff that needs to be paid
Would never have been accepted to be traded on any other market..
Still no Q3 filing. Now 1 month late. <eom>
SAM Trade growing fast; possible Singapore Authorities put the breaks on SAMTrade (ST) Brokerage to investigate wrong doing since they were operating without a License (Singapore). Note: Back in July Singapore MAS warned ST not to take on new clients. My understanding there's no mention of ST license being revoked in Australia.
Investors buying during this uncertainty could be buying into a stock with x100 potential if the investigation turns out to be clean. Investors could lose it all if the investigation proves criminality or it's possible Investors stay intact with the Shell surviving.
Still waiting to hear what they are charged with. It could be said the "law" has caused a run that can't be covered that wouldn't have happened otherwise.
GIB Capital is passing Samtrade FX’s ASIC license as its own
Following the freezing of its operations
posted an “FAQ” statement
I think that withdrawals was closed the second they was arrested, and since they claimed all customers funds was held separately, it shouldn't matter anyway?
Still waiting to hear what they are charged with. It could be said the "law" has caused a run that can't be covered that wouldn't have happened otherwise.
So more news early April, as the business won't reopen until this is sorted I would say that a bankruptcy is almost guaranteed.
Samtrade FX placed under judicial management, US$167m in assets seized
Continued from Page 3
These are the 6 entities and their re spective functions listed in Sam Goh's af fidavit:
S.A.M. Trade (V) Limited, formerly known as Samtrade FX, which was incorary shares in Volopa Capital, a company porated in the Republic of Vanuatu in July 2016, It provides brokerage ser vices:
Samtrade FX Limited, which was incor- porated in St Vincent and Grenadines (SVG) in January 2019 with an issued capital of US$50,000, also for providing brokerage services:
Samtrade Custodian Limited, incor porated in SVG in December 2018 with an issued capital for US$50,000. While set up to offer a number of trading and brokerage-related activities, it has so far only held monies and accounts with its liquidity providers, claims Sam Goh
S.A.M. Fintech Pte Ltd, incorporated in Singapore in July 2019 with an issued capital of S$10. Its principal business in cludes management consultancy and in- formation technology services (except
cybersecurity) to the group of compan- ies. It holds 18 per cent of the original shares in Zana Capital, which has a cap ital markets services licence to carry out fund-management activities in Singa pore. It also holds 10 per cent of ordin authorised to carry out certain invest ment activities in the UK:
Samtrade Custodian Pte Ltd, an ex empt private company limited by shares incorporated in Singapore, which provides management con- sultancy services to the group of com- panies. Its issued capital is S$10,000. tions.
S.A.M. Marketing Private Limited, also an exempt private company limited by shares incorporated in Singapore in July 2019, with 5510 in issued capital. Its principal business includes providing management consultancy and market ilities. ing services to the group of companies. SAM. Marketing holds 100 per cent of the shares in S.A.M. Marketing (Hong Kong) Limited.
Sam Goh is chief executive of S.A.M. partner Patrick Ang. Trade (V) and Samtrade FX, and a dir-
ector in all 6 companies.
Another individual named Goh L Xing is also listed as a director in S.A.M. Fintech, Samtrade custodian Pte Ltd, and S.A.M. Marketing.
The current investigations have prompted many clients to withdraw from their accounts on the online trad ing platform, but Samtrade FX and S.A.M. Trade (V) are unable to pay these withdrawals, Sam Goh had said.
The management and officers have also been unable to access the relevant accounts due to the ongoing investiga
He also said that S.A.M. Fintech and S.A.M. Marketing have approximately $$360,000 and $$250,000 respectively in outstanding liabilities, but both do not have sufficient cash to meet the liabunds. It had collected almost 3,000 sig
In their application to appoint the in terim judicial managers, the companies are represented by a team of lawyers from Rajah & Tann, led by managing
Sam Goh said in a statement dated laid off.
Jan 3, following the announcement by the police and the MAS on investiga tions into his companies, that his team has appointed Rajah & Tann to advise them "on all legal matters relating to the ongoing investigations".
MAS and the police said on Jan 3 that 3 men aged between 31 and 36 had been arrested in connection with the in vestigation. A pre-trial conference was held on Thursday (Feb 10) and the in terim judicial managers' report is expec ted to be available by early April. The case is scheduled to be heard again in court on Jun 27.
Retail investors have started a peti tion calling on authorities to lift the sus pension of accounts they have with trade FX, so they can withdraw their natures as at 9.15 pm on Friday.
The petition, listed on change.org. ates that a good portion of retail in vestors who have used Samtrade FX are retirees. Another significant group com prises office workers who were recently
Over 100 million is missing, Sam claimed there is over 270 million, but the management can only find 167 million.
We still have no clue what their customer debt is..
https://www.businesstimes.com.sg/banking-finance/samtrade-fx-placed-under-judicial-management-us167m-in-assets-seized
Hahaha, as easy as that :)
I don't know anything about this missing 100mm dollars other than the hearsay... that said, must be the worlds fastest accountants make such a find so fast... we'll see
$100M a mere pittance.
All Sam has to do is sell his 90M shares of SMFX to some "investor"/sucker willing to pay $1/share and all will be well. LOL
Either that or declare bankruptcy for protection from creditors.
$100M a mere pittance.
All Sam has to do is sell his 90M shares of SMFX to some "investor"/sucker willing to pay $1/share and all will be well. LOL
Either that or declare bankruptcy for protection from creditors.
Next hearing in court will be the 11th of February, it seems like 100 million of the customers money is missing and more details about that will be revealed in 10 days
Here's an interesting fact regarding SMFX OTC status.
SMFX is now 2+ weeks late with their Q3 financial disclosure report. Technically they are NOT Pink Current anymore. Yet OTCMarkets for some reason has not yet downgraded them to the Pink Limited tier.
Why not?? The SEC Rule 15c2-11 requiring current information went into effect on Sept. 28, 2021. (See the quote below from the Federal Register.)
https://www.govinfo.gov/content/pkg/FR-2021-06-15/pdf/2021-12480.pdf
I’m calling from the facts that are available... have a good day
You really need to start digging deeper in your fact findings.
Apparently there is 100 million USD missing in the account balance that the police can't find.
The videos has correct info, you can email support@samtradefx.com and ask them since you don't trust the info I post here, it's better you ask them yourself.
As of 1st of February, samtradefx has no trading software since metaquotes cancelled their agreement.
100 million dollars is missing
Management is still arrested
And you want to paint a picture that things are ok, so others invest in smfx and your shares increase in value..
You really need to start digging deeper in your fact findings.
Apparently there is 100 million USD missing in the account balance that the police can't find.
The videos has correct info, you can email support@samtradefx.com and ask them since you don't trust the info I post here, it's better you ask them yourself.
As of 1st of February, samtradefx has no trading software since metaquotes cancelled their agreement.
100 million dollars is missing
Management is still arrested
And you want to paint a picture that things are ok, so others invest in smfx and your shares increase in value..
What we know as fact:
1) Samtrade was warned last July 2021 not take on new clients because were not licensed in Singapore.
2) Samtrade, per their website, over 300k clients.
-This is a three fold increase in a short amount time.
3) Indictments recently filed by Singapore Authorities resulted in the arrest of Executive Management for operating without a license.
4) Investigation of brokerage
5) Next SEC filing is due
Any news or update not from SamTrade or Singapore Authorities could be false information.
Believing anyone else just opinion…
I find it odd that before the arrest, we were warned of a ponzi scheme or similar ill behavior of the company. Short time later lo and behold an arrest was made about not having a license.
Now we are pointed to videos that can’t be confirmed. Especially the video that’s not legible.
Starting look like someone in the know is purposely trying to cause a panic sell to accumulate this small float before next Q shows the explosive growth.
IMO
*****
‘Well, I have tried to give everyone here a part of the due diligence I did on the company, you don't agree with my research and that's up to you.
The last video is from a massive affiliate to fin888, he wants everything to be good and that he and the people he referred gets his money back. He has absolutely nothing to win on trying to lie about the actual facts.
He gives all the information he can to keep the people he referred calm, after all they can't withdraw their money thanks to a recommendation he did.
I have no interest in buying shares, I was interested before my due diligence, after that I just tried to make others aware of the danger..’
Well, I have tried to give everyone here a part of the due diligence I did on the company, you don't agree with my research and that's up to you.
The last video is from a massive affiliate to fin888, he wants everything to be good and that he and the people he referred gets his money back. He has absolutely nothing to win on trying to lie about the actual facts.
He gives all the information he can to keep the people he referred calm, after all they can't withdraw their money thanks to a recommendation he did.
I have no interest in buying shares, I was interested before my due diligence, after that I just tried to make others aware of the danger..
To be clear I’m not saying anyone is right, I find the timing suspicious… facts are not out but appears someone trying make it look bad, as an example these videos can’t not be trusted yet being brought to our attention and by whom and why? I can speculate the why…
‘I wrote about this long before the arrests, you made a big thing of how I was wrong and what a magnificent due diligence you had done.
That made me put more effort into my research, you triggered me to go the extra mile ;)’
I wrote about this long before the arrests, you made a big thing of how I was wrong and what a magnificent due diligence you had done.
That made me put more effort into my research, you triggered me to go the extra mile ;)
No doubt good at it… why spend time searching SamTrade? Seems too much of a coincidence shortly after the ponzi accusation arrests were made… have anything to disclose?
Finding information is something I enjoy, since the company don't publish the news..
Finding information is something I enjoy, since the company don't publish the news..
How are you finding videos and why?
I now have a number of confirmations on that email being correct, there is also documents from the hearing from samtrades first hearing in court bringing up the same thing.
Interesting;samtrade claims to have USD 270 million in the custodian account
Their businesses in Singapore is bankrupt with debts of a few hundred thousand.
If that's the case 8K or PR will hit the wire. You're not at all puzzled that this letter is not legible but very clear about closure of positions... fishy... imo
I am sorry, I don't have a copy..
The last part about account and MT4:
The account can't trade without MT4, so samtrade has lost its revenue streams.
The account and it's balance is on separate database, the interesting part in that is if samtrade has enough money to cover the customerdebt.
My very strong and in my own opinion, very qualified guess is that they lack funds, a lot of funds..
I am sorry, I don't have a copy..
The last part about account and MT4:
The account can't trade without MT4, so samtrade has lost its revenue streams.
The account and it's balance is on separate database, the interesting part in that is if samtrade has enough money to cover the customerdebt.
My very strong and in my own opinion, very qualified guess is that they lack funds, a lot of funds..
I can't read the letter, is there a copy?
Notice comment below:
Its only the mt4 that is affected, your live account will not be affected.
I hope everythings ok tomorrow with the hearing
Not sure what the time span is for allowing that. Once the shell is in default in Nevada it should be up for grabs. I highly doubt that Sam will have the wherewithal to spend money on a shell not generating revenue. Or be allowed to by the courts if he winds up in a class action with shareholders and account holders. So I would expect it to be up for grabs and for DL to already be monitoring the situation for his move to reclaim it.
Aimho.
OTC downgrade to "Expert Market" or CE seems inevitable.
From that unenviable position, it could be a long road until the ticker SMFX becomes Pink Current again.
I wouldn't touch this ticker unless and until a new custodian is appointed.
Who knows how long that might take??
L2 showing on my Etrade now. Subs showing up on the bid now. Glad I got out and sad for others who haven't. I will be back though when this guy is gone.
TDA still showing BIDs/ASKs on their level 2 stream.
But after reading what AlexR1 posted, it seems the end for SamtradeFX is coming quickly.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167659025
Samtrades contract with metaquotes (they supply the technology that makes it possible for traders to buy and sell positions)have been cancelled.
The customers at samtradefx has until the end of January to close their positions, they will be closed automatically on the 31st if not closed before.
This means that if samtrade is allowed to open up again, they are without software to make trades, I can't see them get our of this.
ETrade been going down hill since the MS Merger... OTC L2 tickers need be refreshed occasional to update.
ETrade level 2 has all mm's pulled on my screen? no bids/ no ask
ETrade level 2 has all mm's pulled on my screen? no bids/ no ask
Agree. I recall seeing 1 or 2 tickers in the past that had a CE warning, but yet were listed as pink current.
But, I believe, there is no way SMFX will remain Pink Current without filing a Q3 financial report very soon. Its already past due.
I also believe Pink Limited will happen very soon regardless of whether or not OTC Markets slaps a CE warning on them as well.
Reasonable opinion and it's natural to want/look with others for confirmation made the right trade.
SamTrade is still in business...
No mention was made of Samtrade FX’s ASIC licensed operations in Australia, Samtrade (Australia) Pty Ltd, which as far as we can tell remain intact.
*********
Exactly. It’s getting delisted. That’s why I took my loses and ran for the hills.
Hell will freeze over before this comes back to life. It will be hijacked in Nevada again in due time. That’s when I’m back in here. Sorry for all the loses people are incurring here. Including those that have accounts at samtrade.
Aimho.
I think OTC can slap a CE label on it at anytime. CE is a warning of problems with the company, its not linked with required filings so they can do it even if filings are kept up to date. A company can be Pink/Current and CE at the same time.
Notice the buyer today? 18 printed but not shown in L2 and bid increased… interesting imo
OTC downgrade likely coming next week.
Downgrade will be from Pink Current to Pink Limited.
Pink Limited should be viable until mid-April 2022 (6 months from last financial filing).
You've been calling this right so far... TBD to what extent any (if) criminal actions actually was/were committed. Please keep us informed.
It also means that client assets at Samtrade FX are not likely to be unfrozen any time soon. The judicial managers are there to find and secure client assets, match them against what is supposed to be there based on company records and client claims, and then (eventually) return money to Samtrade FX’s clients.
https://fxnewsgroup.com/forex-news/retail-forex/samtrade-fx-companies-placed-in-judicial-management/
It also means that client assets at Samtrade FX are not likely to be unfrozen any time soon. The judicial managers are there to find and secure client assets, match them against what is supposed to be there based on company records and client claims, and then (eventually) return money to Samtrade FX’s clients.
https://fxnewsgroup.com/forex-news/retail-forex/samtrade-fx-companies-placed-in-judicial-management/
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