A major financial scandal has surfaced in Singapore’s online trading sector, with three senior executives of the trading platform Samtrade FX formally charged with fraudulent practices and money laundering. The Singapore Police Force (SPF) confirmed that the accused were charged in court on December 17, 2025, following an extensive investigation into alleged market manipulation and investor deception.
The individuals charged are Goh Nai De, Chief Executive Officer; Goh Li Xing, Chief Technology Officer; and Yue Jingyuan Alfred, also known as Alfred Yue, Head of Dealing and Strategy at Samtrade FX.
Copy Trading Model at the Centre of Alleged Fraud
Samtrade FX operates an online trading platform that allows clients to trade Contracts for Differences (CFDs) across multiple asset classes, including foreign exchange, indices, commodities and cryptocurrencies. One of its key offerings was a “copy trading” feature, enabling retail clients to automatically replicate trades executed by selected trading accounts.
According to police investigations, the vast majority of client copy trades were linked to 11 trading accounts known as “Ultimate Trader” accounts, all of which were under the control of Alfred Yue. These accounts were presented as highly profitable and were widely followed by Samtrade FX clients seeking consistent returns.
Manipulation of Trades to Create Illusion of Profits
Investigators allege that between January 1 and December 27, 2021, the three executives acted in concert to manipulate trading conditions in these Ultimate Trader accounts. Specifically, Alfred Yue is accused of fraudulently adjusting the bid-ask spreads of trades executed in the accounts.
This manipulation made the copied trades appear profitable to clients, while concealing the fact that the trading data had been artificially altered. Clients were allegedly unaware that the trades they were copying had been deliberately tilted in favour of apparent gains, creating a false impression of trading success.
Police said the alleged scheme exploited the trust of retail investors who believed they were following genuine market trades executed under normal conditions.
Millions Allegedly Earned from Client Funds
As a result of the alleged fraudulent practices, the three executives are accused of receiving substantial sums derived from client deposits.
According to the Singapore Police Force:
- Alfred Yue allegedly received approximately S$8.7 million
- Goh Nai De allegedly received around S$4.8 million
- Goh Li Xing allegedly received about S$650,000
These funds are said to have originated from clients who deposited money into Samtrade FX accounts after copying trades from the manipulated Ultimate Trader accounts.
Charges under Securities and Money Laundering Laws
The accused face charges under two key pieces of Singapore legislation:
- Section 201(b) of the Securities and Futures Act (SFA), for engaging in practices that are likely to operate as a fraud.
- Section 47(1)(c) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), for money laundering offences.
If convicted, each accused faces:
- Up to seven years’ imprisonment, a fine of up to S$250,000, or both, for each SFA charge.
- Up to ten years’ imprisonment, a fine of up to S$500,000, or both, for each CDSA charge.
Investor Protection and Market Integrity in Focus
The case has raised serious questions about transparency and oversight in online trading platforms, even in a jurisdiction known for strict financial regulation. Market observers note that complex products such as copy trading can be easily misused if technological controls and governance fail.
Experts warn that retail investors are particularly vulnerable to schemes promising consistent or outsized returns, especially when trading data lacks independent verification.
Police Issue Strong Warning
The Singapore Police Force reiterated its commitment to taking firm action against financial fraud, market manipulation and money laundering. Authorities urged investors to conduct thorough due diligence before committing funds and to verify the regulatory status and risk disclosures of any trading platform.
