S A M Trade Asia Pte. Ltd. (SMFX)

[Neverhadawinner]

All this drama and the stock doubles in price.

I am still happy I took my tax losses and got out at $0.30.

This is going to be a long process.

Good luck to those who still hold it!

[exisnet]

If have access to the accounts than likely just a License issue imo


Read it again, they want access to the accounts in order to payout their withdrawals on a best effort basis. It has nothing to do with accounts being blocked.

The companies and its officers are seeking legal advice to consider options related to gaining access to the clients’ deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.

[AlexR1]

Read it again, they want access to the accounts in order to payout their withdrawals on a best effort basis. It has nothing to do with accounts being blocked.

The companies and its officers are seeking legal advice to consider options related to gaining access to the clients’ deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.

[exisnet]

They have no control over the government process so giving their best effort… and they can’t comment on the process…

‘Best effort, that sounds like they are aware that they lack funds to cover customers account balance..’

[AlexR1]

True, I think the answer is hidden here:

The companies and its officers are seeking legal advice to consider options related to gaining access to the clients’ deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis


Best effort, that sounds like they are aware that they lack funds to cover customers account balance..

[Bearslayer]

https://fxnewsgroup.com/forex-news/retail-forex/samtrade-fx-updates-on-trading-and-withdrawal-freeze/


They literally didn’t answer anything.

Embattled offshore Retail FX broker Samtrade FX has posted an “FAQ” statement, updating the effective shutdown of the company by Singapore police and that country’s financial regulator MAS earlier this month. The police and regulator action included the arrest of three Samtrade FX management team members, which we believe includes the company’s controlling shareholder and CEO, Sam Goh.

The FAQ statement (see full text below) does not really provide much of an update, other than confirming our earlier report that the company is not able to either complete client trades, nor honor client withdrawal requests at this stage. It also did not make any mention or provide an update on the arrests of its management team group.

At the time of the arrests and shutdown, the regulator said that Samtrade FX and its related entities are currently being investigated for carrying on a business in any regulated activity, while based in Singapore, without a capital markets services license. The regulator added that 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.

The full text of the Samtrade FX “FAQ” statement follows:

FAQ IN RELATION TO MEDIA RELEASE DATED 3 JANUARY 2022 BY COMMERCIAL AFFAIRS DEPARTMENT AND MONETARY AUTHORITY OF SINGAPORE

This FAQ is intended to answer questions arising from our recent corporate statement in relation to the media release dated 3 January 2022 by the CAD and MAS of Singapore. If you have not done so, please read it here.

Q1: Where is the status of customers / investors’ deposits now?

A1: The management and the officers of the companies cannot access the relevant account(s) where the customers / investors’ deposits currently reside. CAD has also issued prohibition orders against the companies’ management from accessing such accounts.

The companies and its officers are seeking legal advice to consider options related to gaining access to the clients’ deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.

Hence, we have currently suspended all local and overseas business operations of our key operating entities and other affiliated entities. We will review this on an ongoing basis.

Q2: What is the status of the companies’ transaction process (deposit, withdrawals etc) and operations? If so, was it carried out by the authorities?

A2: The management of the company was compelled to suspend the companies’ business operations, including but not limited to account opening, account changes, settlements, payments, due to the prohibition orders imposed by the Authorities on the management.

Q3: Is there any way customers / investors can withdraw their deposits or have the deposits returned to them?

A3: We refer to A1 above.

The companies and its officers are seeking legal advice to consider options related to gaining access to the clients’ deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.

Q4: Is there any specific timeline where customers / investors can have their deposits returned to them?

A4: We refer to the media release dated 3 January 2022 by the Authorities which stated that investigations commenced on 28 December 2021. We are unable to provide any specific timeline given that investigations are ongoing.

Q5: As MAS is an authority in Singapore, how would overseas investors be impacted, if any?

A5: MAS regulates financial institutions and entities in Singapore and/or financial institutions and entities which have business operations in Singapore. Presently, as stated in the Authorities’ media release dated 3 January 2022, the joint investigations by the authorities are in relation to the online trading platform, Samtrade FX run by Samtrade FX Limited and its related Singapore entities, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd. Overseas investors are impacted because of the prohibition orders placed by the Authorities on the companies’ management on the operations of these entities pending the outcome of the investigations.

Q6: Is there an information portal that customers / investors can refer to for further information?

A6: We will continue to post updates on this matter on our corporate website [https://www.samtradefx.com/news] on a best-efforts basis.

[AprilFool]

I'm holding. This is one of my lottery ticket. I also own TuRDX and HCMC#. Glad I moved on to dividend stocks.

[exisnet]

With this float best be watching every minute of every day, blink of an eye the sp could be over a buck on any good news...

I Don’t look for tax write downs. I look to make money. I guess that’s the difference. If your paying Uncle Sam his crooked share then your doing something correct. I’ll do it my way like I have been and turn garbage into cash like I always have. No more waiting than required. Time waiting for something like this is wasted earnings and profit elsewhere. Remember that.

I’ll be back.

[Bearslayer]

I Don’t look for tax write downs. I look to make money. I guess that’s the difference. If your paying Uncle Sam his crooked share then your doing something correct. I’ll do it my way like I have been and turn garbage into cash like I always have. No more waiting than required. Time waiting for something like this is wasted earnings and profit elsewhere. Remember that.

I’ll be back.

[exisnet]

Best part trading is get make it your own... and always be diversified. Lack of patience likely the number 1 reason OTC traders fail... Who would sell this float with MC under 200K? If things turn to better I have my shares and if things turn to the worst I'll have tax credits offset profits... gl


Recent Q

**************

That’s total nonsense and absurd. You take the money and go make more with whatever you can. If the shell is resurrected you buy in. Sitting around waiting and hoping could be years if it goes thru the court system. But you do that. I’ll take what I was able to grab and make more money then buy back in when this guy is dead and buried.



BOL.

[Bearslayer]

That’s total nonsense and absurd. You take the money and go make more with whatever you can. If the shell is resurrected you buy in. Sitting around waiting and hoping could be years if it goes thru the court system. But you do that. I’ll take what I was able to grab and make more money then buy back in when this guy is dead and buried.



BOL.

[exisnet]

Look at the current MC... selling now same as burning money. If Sam goes under and shell stays intack MC will grow ten fold. If Sam recovers and all is good the MC will grow at least ten fold as a start. If Sam goes down takes the shell down with him then it's nice tax write... I like the odds gl

Your blind as a bat. This is never coming back. I hope all my old friends from DL days have sold their shares and taken anything they can get. I will buy this back but after Sam is gone.

[Bearslayer]

Your blind as a bat. This is never coming back. I hope all my old friends from DL days have sold their shares and taken anything they can get. I will buy this back but after Sam is gone.

A complete and total shit show. If this is a perpetuated fraud, we as shareholders are entitled to join any lawsuit or class action but we won’t see a dime as the lawyers will bleed it dry.


Aimo.

BOL

[exisnet]

Good Morning. Yes, it's encouraging that those in the know are not selling.

Encouraging?

How can anything be encouraging for a company that needs 100% confidence from its customers has shut down operations and made it impossible to buy/sell their positions when the market outside is open?

And they can't withdraw their funds..

I know you don't believe the whole company is a scam to run a Ponzi, but even you must realise that existing customers will leave the day they can.the staff of 300 persons will be laid off as soon as possible (personally I think 300 staff is highly exaggerated) as the company can't handle a payroll of 300x 2000 (minimum)USD 600000/month without any income.

There is offices, cost for feeds of prices, costs of servers etc so minimum 1 million per month in costs.
If people don't get 100% of their withdrawals, do you think any new customer will deposit a single cent?

The company is gone, the question for you is if the shares will be able to retain any value in the bankruptcy, and that depends on if the owners is centanced or not.

[AlexR1]

Encouraging?

How can anything be encouraging for a company that needs 100% confidence from its customers has shut down operations and made it impossible to buy/sell their positions when the market outside is open?

And they can't withdraw their funds..

I know you don't believe the whole company is a scam to run a Ponzi, but even you must realise that existing customers will leave the day they can.the staff of 300 persons will be laid off as soon as possible (personally I think 300 staff is highly exaggerated) as the company can't handle a payroll of 300x 2000 (minimum)USD 600000/month without any income.

There is offices, cost for feeds of prices, costs of servers etc so minimum 1 million per month in costs.
If people don't get 100% of their withdrawals, do you think any new customer will deposit a single cent?

The company is gone, the question for you is if the shares will be able to retain any value in the bankruptcy, and that depends on if the owners is centanced or not.

[exisnet]

Market knows… fact that sp hasn’t tanked is encouraging…

‘Just guessing.’

[chemist72]

Duh. After 3 arrests and at least one ongoing investigation wouldn't you want to move your money to a different broker?

[Bearslayer]

At this point I would guess every single person who has an account with them wants their money in a different account.

Just guessing.

[chemist72]

If Samtrade FX was truly a Ponzi scheme, then for sure there are insufficient funds to cover all customer accounts fully and probably not even partially. <my own opinion>

[AlexR1]

News from the company, important part is no mentioning of custodian accounts or that all customers funds is safe.

Instead they use the term:
The companies and its officers are seeking legal advice to consider options related to gaining access to the clients’ deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.

https://www.samtradefx.com/news/corporate-statement-faq
Best effort is in my opinion a very strong indication that the funds not are sufficient to cover customers account balance.

[chemist72]

Crazy spread today: BID - $.17; ASK - $.9499

Never seen a stock before with that wide a spread!

Live and learn.

[AprilFool]

I bought this Lazar ticker in 2019 in the trips. Then along came Sam and we thought our wish had come true. Another lesson learned; Lazar is not the guru ppl make him out to be.

[exisnet]

We can speculate but without all the facts it’s just that, speculation… gl

‘So you think the police would arrest 3 directors of normal companies unless they have proof of criminal activities. ‘

[AlexR1]

So you think the police would arrest 3 directors of normal companies unless they have proof of criminal activities.

Most legal issues with companies is handled with a letter, then companies present facts, they have a few months until a hearing and so on.

Singapore is not a corrupt nation, on the contrary it's one of the best ranking nations
https://www.cpib.gov.sg/press-room/press-releases/singapore-maintains-high-score-transparency-international-corruption-0

But yes, time will tell..

[chemist72]

I've been following Sear's bankruptcy for 3+ years now.

Their ticker has been trading that entire time on OTC Markets, first on the "no information" tier (stop sign) and now on the so-called expert market that OTCM established for various tickers that don't qualify for one of their current information tiers OTCQB, OTCQX, OTC Pink Current info, and OTC Pink Limited info. If you are familiar with OTC Markets, then I'm sure you're familiar with these various tiers.

I have also followed Destination Maternity, whose bankruptcy case was recently dismissed by the court after 2+ years of court proceedings. This company is being dissolved, yet its ticker is still listed on OTC Markets, also on the "expert market". This stock will likely be cancelled and eventually probably deleted on OTC Markets, yet its ticker also still trades (albeit with very low volume and generally at a price of $.0001). I'm still following this one also until some final decision is made on its ticker.

So who knows what might happen with the ticker SMFX? It may well go bankrupt and even dissolved as a foreign entity. Yet it is NOT a US company, so I really have no idea yet what might happen to its ticker. My post proposed that it could end up as an empty shell, and I still believe that is a possibility. If so, SMFX could be downgraded to the "expert market", like the two bankrupt entities I've cited above.

At this time, I believe it is somewhat foolish to try and predict the ultimate fate of the ticker SMFX. I am certainly not making any predictions regarding its ultimate fate as this situation seems to be somewhat unique to me for an OTC ticker.

Let's not get ahead of ourselves with predictions on the demise of the ticker SMFX, at least not yet.

[exisnet]

Without proof, just another opinion... time will tell. Would be helpful post such evidence instead talking about it.

I have pointed you towards so many red flags the last weeks, you ask me for proofs.

[AlexR1]

Apparently the police found proofs since they arrested them...

I have pointed you towards so many red flags the last weeks, you ask me for proofs.

I can't give you proofs, I don't work at samtradefx, but I have shown you their Ponzi setup that you refuse to acknowledge as a Ponzi.

I showed you that they don't have an Australian license that they claim they do.

I have tried to be in contact with samtrade and samtrade custodian about the segregated account tjat they claim is setup, no response.

I have spent a lot of time investigating trades done on their copy SAM that was done at prices that don't exist with any other broker I compared with (famous zero spread brokers).

I guess we all believe what we want to, but I can guarantee that my due diligence is a lot better than yours, and as it looks (since owner and management is arrested)I most likely am correct.

I suggest you take another look at the company and start investigating, I am happy to help

[exisnet]

Supporting Governments taking over business without any facts back it up other an arrest is ok? New Global Order? How about waiting on facts before passing judgment? If have any evidence other than what’s already known please share.

‘I doubt Sam can choose what he wants to do with this company, everything points to criminal activity in a number of jurisdictions.


My guess is it will be part of a massive bankruptcy’

[AlexR1]

I doubt Sam can choose what he wants to do with this company, everything points to criminal activity in a number of jurisdictions.


My guess is it will be part of a massive bankruptcy.

[chemist72]

Not sure how the OTC status of SMFX will evolve.

It might revert to shell status if, for example, Sam renounces ownership of SMFX and cancels the 90M shares he gave himself.

If not, if someone really wants this shell, it would likely end up in court in Nevada. Sam may or may not give up ownership without a fight. That's anyone's guess.

Also there is a potential issue with their next quarterly report which is due in mid-Jan, around 1-week from now. If this report is not filed on time, SMFX could be first downgraded from Pink Current to Pink Limited. Further down the road, if the lack of current information continues, OTC will likely downgrade SMFX further, to either Caveat Emptor (CE) or to the Expert Market.

[AprilFool]

Sounds like this one is basically back to being a "shell."

[AlexR1]

Samtradefx seems to have lied about having a financial license in Australia.

I tried to search at their page: https://asic.gov.au/

You can also search at:

https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_afrLoop=3003402451040482&_afrWindowMode=0&_adf.ctrl-state=11atdi4bd6_27

Seems like they were have a company, but no financial license in Australia.

[AlexR1]

Worst case, it's been a massive Ponzi scheme, there is no funds left to pay their clients.

[AlexR1]

I agree completely

[CaoPanShou]

Yes, I read that wrong. My point though is that SMFX is an asset belonging to a foreign company being dragged into a foreign court. Nothing is likely to happen with it (other than OTC labeling) for months to years after the Singapore court circus plays out.
If this is just the usual corrupt gov official play, they will be found guilty and pay some fines and life goes on. Worse case, people go to prison and the company is seized and liquidated(to pay fines of course)

[exisnet]

Everyone has an opinion, my opinion based on actually information to make an educated opinion. Opinion without substance just an opinion without merit. imo

Not if subsidiaries is charged with criminal activity, sorry but it will be liquidated with the rest and owners will be held responsible.

[AlexR1]

Not if subsidiaries is charged with criminal activity, sorry but it will be liquidated with the rest and owners will be held responsible.

[exisnet]

We're a holding company...
Google has Alphabet



What Is a Holding Company?



You really think that this company would be shielded from the others, time to wake up..

[AlexR1]

You really think that this company would be shielded from the others, time to wake up..

[exisnet]

We hold the intellectual property shielded from all this bs… Sam, very smart… imo

‘It’s a shit show plain and simple. Don’t twist what is going on here as some non-event. They are facing a serious crime as fiduciaries over people’s money. If found guilty their done. ‘

[Bearslayer]

Read it again. I never said Sam was a custodian. I said he appointed one.

See below as proof….

Appointment of Judicial Management

Additionally, Samtrade FX has put certain entities under judicial management and proposed some names as interim judicial managers. According to the company, this move will protect the interest of its shareholders.

https://www.google.com/amp/s/www.financemagnates.com/forex/brokers/samtrade-fx-stops-all-services-amid-singapore-investigation/amp/


It’s a shit show plain and simple. Don’t twist what is going on here as some non-event. They are facing a serious crime as fiduciaries over people’s money. If found guilty their done.

[CaoPanShou]

Sam isn't an appointed custodian...he is the owner. He isn't under the eye of the courts who appointed Lazar.
It will be a long road before anything happens in Singapore that would dissolve Sams company and require this shell to be dealt with as an asset.

If that time comes, odds are more likely it would be sold as a valuable asset by a Singapore court.

hyjacke4rs don't like court battles, they won't touch this until its been dead for years. Unfortunately, now that means they have to revive a grey market zombie as SEC now force them off market as soon as they are delinquent.

[Bearslayer]

If, as it looks. The appointed custodian Sam has put in place decides that the cost of this shell which produces no revenue is not worth expending precious dollars on while the courts decide if this is a legitimate operation and the company bleed dollars for legal protection. I’m sure the people whom have money they can’t get wouldn’t approve. So if the the shell goes delinquent then otc will step in and I’ll buy back shares knowing that DL or some other shell hijacker will be cleaning and rinsing again.

Sickening.

[CaoPanShou]

No court would make any such ruling. Any legal activity concerning this will take years. No US court would entertain any custodianship grab with out the SEC, OTC declaring it DOA...OTC hasn't even slapped a CE on it yet.

[chemist72]

I agree. And once someone applies for custodianship in a US court, the court could rule that the 90M shares Sam issued to himself are null and void.

Then you have a shell with about 1M OS with a potential value of $.30 or about $300K.

[Nefyn]

No, it’s a shell and would need a new custodian to take over. Shells are valued around $300k+

[AlexR1]

But will it help if the samtrade goes bankrupt, then all shares are worthless?

[AlexR1]

Look at the dates there, and his profile in st Vicente is deleted.


Google Vic Tham linkedin and the first link is gone

[CoderTrader]

he is still there https://www.linkedin.com/in/vic-t-87a81619/

[AlexR1]

Vic Tham seems to have deleted his linkein profile ro remove that he was employed by samtradefx
https://www.linkedin.com/in/vic-tham-87a81619?originalSubdomain=vc