Liquidation is progressing and other firms gets dragged down with it.
https://www.google.com/amp/s/cryptopotato.com/hodlnaut-reveals-engaging-in-two-sets-of-legal-proceedings/%3famp

Liquidation is progressing and other firms gets dragged down with it.
https://www.google.com/amp/s/cryptopotato.com/hodlnaut-reveals-engaging-in-two-sets-of-legal-proceedings/%3famp

Sam Goh and a few others with money in the company wanted a restructuring, and claimed value in the customerbase.

The judges response was that the customerbase clearly was worthless since the company didnt make any money on it.

Final judgement will be done, but cant see any other solution than liquidation and sadly for the customers, they will be happy if they get 10 cents on the dollar

The liquidation of the company is on its way!

I dont have the official document yet, but the last court hearing on the 1st of August was the nail in the coffin.

Whatever is left of the company funds and whatever it helds that can be sold will be sold. That total amount will be divided among creditors/customers.

Thats the reason the share price fell!

All my writing here is backed up by fact and is not an opinion. The report from the management appointed by the court has confirmed everything I wrote here (even before they where closed down).

The company is not active, the only thing going on is the interim management trying to figure out how things has gone so bad and the judge will liquidate it after that.

So again, as 8f end of December 2021:
No registration can take place
No trades can be placed
No deposit or withdrawal can take place

Samtrade has no trading software, their contract 2as terminated by metaquotes.

The active clients was before the company closed down end of December, not a single trade has taken place since than..so "Active clients" is inactive clients, or in reality it's people waiting to get their money that the company has failed to pay them.

Nothing positive about that.

And no, they didn't have over 100.000 traders before, they had over 100.000 people participating in a copytrade Ponzi scheme, so no value at all in that.

How is that a positive point?

The only point that is important is that the company is missing over 75% of their clients money.
Average customer debt: 7300
The company has around 2000 to pay

Each one of samtrades client will lose an average of minimum 5000 dollar

They will not survive

There is no value in their customer database, no one wants to buy a company that only have a Ponzi reputation. The few normal clients they had has moved to other more secure brokers months ago, and they will have learned their lesson (hopefully).

Yes, 118000 was tricked into a Ponzi scheme..it's wooow

Now they will receive 20% of their money, if they are lucky..the company is not surviving.

Numbers has appeared on Samtrade from the IJM report!
Active clients 118.000
Customer Debt 875.6 million USD
Total assets: 269.5 million USD

The company lacks almost 600 million USD!

Delay on court ruling, they found a lot of new irregularities that they want to ask the owners about to understand how things got so wrong.

The new timeline is:

*Dates may subjected to changes

Feb 10 - court directed IJMs to file a report on Mar 25

Mar 18 - IJMs requested court to amend deadline of IJM report and timeline

Mar 22 - court granted IJMs' request and approved ammended timeline

Mar 25 - IJMs to circulate relevant extracts of IJM report to directors

Apr 8 - directors will provide comments on IJM report

Apr 22 - IJMs will file IJM Report and will notify creditors

Apr 29 - creditors who wish to obtain a copy of the IJM report will make a request

May 6 - IJM report will be provided to creditors who requested

Jun 3 - creditors file reply affidavits in JM applications

Jun 24 - Samtrade shall file final reply affidavit (if any)

Jul 8 - written submissions and bundle of authorities for the JM applications (if any) shall be filed, exchanged and tendered to the court

- Samtrade shall submit an attendance list and time bank setting out the estimated amount of time that each party will require for oral submissions at the hearing

Jul 18 - full day hearing for JM Applications

Jul 5 - creditors who wish to attend the hearing must inform Rajah & Tann

yes, that was a great investment of $80...very slick buyer.

The seller, could have sold it for $800 when you wrote it was better to keep it and write it off as a loss, instead of $80 now..

I am surprised that exisnet not is buying every share there is, value is around 20k and he seems to be sure it's a great investment.

I think my due diligence presented here has shown to be a lot more correct than yours for example ;)

I have sent you sufficient data a number of times, that you don't want to connect the dots is a different story.

Successful business?
A business built to be a Ponzi scheme..

Samtrade is a scam in its business towards its customers

It only went public to seem more credible, nothing else



Scam from day 1 until the end

Their English and Australia license was/is not licenses that give them right to handle investors money, only handle payments like a corner Forex shop where you exchange your money before you go on a holiday...
That's like a scam to me

Can you please explain yourself a little better?
New startup?
Nobody scammed?

I guess you refer custodian as a holding company, or do you try to say something else?

Investors do due diligence and don't buy shares like this one...no offense, but the signs of a scam was all over it, and i tried to point you towards that.

You do the right thing!

Investors that use their brains sell and move on when they realise that they sit on a losing stock.

It's better to have something than nothing.

Some more news
https://fxnewsgroup.com/forex-news/retail-forex/samtrade-fx-administrators-warn-of-scammers-impersonating-the-company/

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.

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..

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?

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 :)

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

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..

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..

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 ;)

Finding information is something I enjoy, since the company don't publish the news..

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.

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..

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.

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/

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.

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..

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.