The police have, on Wednesday (Dec 17), charged three key executives of online trading platform Samtrade FX for allegedly engaging in fraudulent practices and money laundering. In a news release on Dec 17, the police said that the three men — Goh Nai De, Goh Li Xiang and Yue Jingyuan Alfred — conspired to make 11 «Ultimate Trader» accounts appear profitable — by fraudulently tilting the trades in these accounts. These accounts were then offered in Samtrade FX's «copy trading» product where clients could choose to «copy» the trades executed in the said accounts. This led to the vast majority of Samtrade FX's clients copying the allegedly rigged «Ultimate Trading» accounts, which the police said were under Yue's control. Between a nearly 12-month period —  from Jan 1, 2021, to Dec 27, 2021 — Yue allegedly adjusted the bid-ask spreads of trades in these accounts so that copied trades appeared profitable to Samtrade FX's clients, without them knowing that the trades were fraudulently tilted, the police added.  Read more