Singapore MAS knew about and allowed SamTrade to operate unlicensed is an indication the operation wasn’t out to scam.
MAS warned Sam not take on new clients but they did and took on over 200K new clients. This massive increase pissed off the MAS to the point of arrests and investigations.
Sam purchased this shell to grow his successful business not to scam it away. imo
‘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’
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