The FCA has secured money that will be paid to consumers that were subject to illegal contracts for difference (CFDs) forex trading promotions made by Mohammed Maricar, director of 24HR Trading Academy Ltd.
In March 2021, the High Court ordered that Mr Maricar and his company pay £530,000 by way of restitution/compensation for the benefit of consumers.
Mr Maricar failed to pay the money ordered, so the FCA petitioned for his bankruptcy. In August last year the High Court made a bankruptcy order against Mr Maricar, and an official receiver was appointed over Mr Maricar’s estate.
The FCA has received a payment from the official receiver totalling £106,650.58 and is now applying to the High Court for a distribution order.
Consumers that may have been impacted and are known about by the FCA will be contacted directly by the FCA, but all impacted consumers can also contact the FCA about the proposed distribution order here.
Notes to editors
- In March 2021, the High Court found[1] that 24HR Trading Academy unlawfully advised on investments and unlawfully promoted CFD trading. The court found that Mohammed Fuaath Haja Maricar, who ran the company, was knowingly concerned in these contraventions of the Financial Services and Markets Act 2000.
- In August 2021, the FCA obtained[2] a bankruptcy order from the High Court against Mr Maricar.