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On 17 December 2025, three men – Goh Nai De, Goh Li Xing and Yue Jingyuan Alfred (“Alfred Yue”) – of the online trading platform, Samtrade FX, were charged in court for engaging in practices that were likely to operate as a fraud, as well as for money laundering. The three men held the positions of Chief Executive Officer, Chief Technology Officer and Head of Dealing and Strategy at Samtrade FX respectively.

Samtrade FX allowed its clients to trade in contracts for differences in foreign exchange, indices, commodities and cryptocurrencies. One of the products offered by Samtrade FX was “copy trading” where clients could choose to “copy” the trades executed in certain trading accounts. The vast majority of the clients’ copy trades ultimately copied the trades in 11 accounts known as “Ultimate Trader” accounts, which were under Alfred Yue’s control.

Between 1 January and 27 December 2021, the trio allegedly engaged in a conspiracy in which Alfred Yue fraudulently tilted the trades he executed in the said 11 “Ultimate Trader” accounts. Specifically, Yue adjusted the bid-ask spreads of trades in these accounts so that copied trades appeared profitable to Samtrade FX clients, without the clients knowing that the trades were fraudulently tilted.

During the same period, Goh Nai De, Goh Li Xing and Alfred Yue received funds totalling about S$8.7 million, S$4.8 million and S$650,000 respectively from the above alleged fraudulent practices. These funds were derived from monies deposited by clients of Samtrade FX who had copied Alfred Yue’s fraudulently tilted trades. 

The trio face the following charges:

Each person, who is convicted, faces:

1. Imprisonment of up to seven years, or a fine not exceeding $250,000, or both, for each charge under Section 201(b) of the SFA; and 
   
   
2. Imprisonment of up to 10 years, or a fine not exceeding $500,000, or both, for each charge under Section 47(1)(c) of the CDSA.