Aggregated News From Investment Management Regulators

FCA commences civil proceedings in relation to alleged unauthorised investment advisers

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The Financial Conduct Authority (FCA) has commenced proceedings in the High Court against 24HR Trading Academy Ltd (24HTA) and its sole director, Mohammed Fuaath Haja Maideen Maricar.

The FCA alleges that from 2017 onwards, 24HTA and/or Mr Maricar have been advising on investments and arranging deals in investments without FCA authorisation, and engaging in financial promotions without being an authorised person or having the promotions approved by an authorised person. The FCA alleges alternatively that Mr Maricar has been knowingly concerned in 24HTA’s contraventions.

24HTA/Mr Maricar had been transmitting ‘trading signals’ and making other investment recommendations to clients via WhatsApp and other social media platforms. Clients were told that if they followed these trading instructions, they would make significant profits.

In addition, consumers were induced to sign up with a ‘partnered’ broker to place their trades. 24HTA/Mr Maricar would receive sign up and other commissions from the brokerages in addition to the monthly payments from clients for the signals.

The FCA has secured an interim injunction stopping these activities from continuing and freezing the defendants’ assets up to £624,311 pending further hearing.

The FCA is seeking final orders including a declaration from the Court that the defendants carried on regulated activities without the required FCA authorisation and unlawfully made financial promotions as well as an order preventing them from carrying out these activities in the future.

The FCA will also seek a restitution order that would distribute the defendants’ frozen assets to consumers who suffered financial losses as a result of the alleged breaches of the Financial Services and Markets Act.

Notes to Editors

1. The FCA has issued proceedings in the High Court against 24HR Trading Academy Ltd and Mohammad Fuaadh Haja Maideen Maricar.

2. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.

3. Find out more information about the FCA.

Regulator Information

Regulator Name: Financial Conduct Authority
Abbreviation: FCA
Jurisdiction: United Kingdom

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