On December 17, 2025, three executives from the online trading platform Samtrade FX—Goh Nai De, Goh Li Xing, and Yue Jingyuan Alfred (“Alfred Yue”)—were charged in court for allegedly engaging in fraudulent practices and money laundering. The men held the positions of Chief Executive Officer, Chief Technology Officer, and Head of Dealing and Strategy, respectively.
Samtrade FX offered clients the ability to trade contracts for differences (CFDs) in foreign exchange, indices, commodities, and cryptocurrencies. One of the platform’s features, “copy trading,” allowed clients to replicate trades executed in select trading accounts. Most clients’ copy trades followed 11 “Ultimate Trader” accounts controlled by Alfred Yue.
Between January 1 and December 27, 2021, prosecutors allege that Alfred Yue manipulated trades in the “Ultimate Trader” accounts by adjusting bid-ask spreads. This made copied trades appear profitable to clients without their knowledge that the trades were fraudulently tilted.
During the alleged scheme, Goh Nai De, Goh Li Xing, and Alfred Yue received approximately S$8.7 million, S$4.8 million, and S$650,000, respectively. These funds were derived from deposits made by Samtrade FX clients who had copied the manipulated trades.
The trio faces charges under Section 201(b) of the Securities and Futures Act (SFA) and Section 47(1)(c) of the Criminal Law for dealing in securities (CDSA). Convictions could result in:
SFA charges: up to 7 years in prison, a fine of up to S$250,000, or both
CDSA charges: up to 10 years in prison, a fine of up to S$500,000, or both
