Samtrade FX Executives Charged in Alleged $14M Copy Trading Fraud
Three senior executives of Singapore-based online trading platform Samtrade FX have been formally charged with fraud and money laundering in connection with an alleged scheme that manipulated client trades through a copy trading system. The Singapore Police Force confirmed the charges were filed in court on December 17, 2025, following an extensive investigation into what authorities describe as a sophisticated operation that generated millions in allegedly illicit profits from deceived retail investors.
Background and Context
Samtrade FX operated an online trading platform offering Contracts for Differences (CFDs) across foreign exchange, indices, commodities and cryptocurrencies. The platform's most popular feature was its "copy trading" functionality, which allowed retail clients to automatically replicate trades executed by selected accounts. This model has grown increasingly popular in recent years as it promises novice investors access to market strategies without requiring deep trading expertise. However, the very mechanics that make copy trading accessible also create opportunities for manipulation, as the Samtrade case demonstrates.
Key Figures and Entities
The three individuals facing charges are Goh Nai De, Chief Executive Officer of Samtrade FX; Goh Li Xing, Chief Technology Officer; and Yue Jingyuan Alfred, also known as Alfred Yue, who served as Head of Dealing and Strategy. According to police investigations, Alfred Yue controlled 11 trading accounts branded as "Ultimate Trader" accounts, which were presented to clients as high-performing examples worthy of replication. Court documents indicate these accounts were not independent success stories but rather instruments allegedly manipulated to create false performance records that encouraged client participation.
Legal and Financial Mechanisms
The alleged fraud centered on the manipulation of bid-ask spreads within the Ultimate Trader accounts between January 1 and December 27, 2021. Investigators claim Alfred Yue deliberately adjusted these spreads to make trades appear profitable when copied by clients, creating an artificial track record of success. This technical manipulation allegedly generated approximately S$8.7 million for Alfred Yue, S$4.8 million for CEO Goh Nai De, and S$650,000 for CTO Goh Li Xing—all derived from client deposits made under false pretenses. The executives face charges under Singapore's Securities and Futures Act for fraudulent practices and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act for money laundering offenses.
International Implications and Policy Response
This case highlights significant gaps in the regulation of online trading platforms, even within jurisdictions known for stringent financial oversight like Singapore. Copy trading products pose particular challenges for regulators as they blend elements of investment advice, social trading, and automated execution—functions that may fall under different regulatory frameworks. Financial experts note that retail investors remain vulnerable to schemes promising consistent returns, especially when platforms lack independent verification of trading data. The Singapore Police Force has emphasized the importance of regulatory compliance and investor due diligence, warning that authorities will continue to pursue financial market manipulation vigorously.
Sources
This report draws on official statements from the Singapore Police Force, Singapore's Securities and Futures Act and Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act legislation, and court filings related to the December 17, 2025 charges against Samtrade FX executives.
