In March, the High Court ordered 24HR Trading Academy Limited, run by Mohammed Fuaath Haja Maideen Maricar, to pay restitution of £530,000 to ex-clients.

Mr Maricar ran a forex ‘trading academy’ on WhatsApp judged by the court to be providing unauthorised investment advice to consumers.

The court ruled that Maricar had “knowingly” breached the Financial Services and Markets Act 2000 (FSMA).

Mr Maricar was involved with 24HR Trading Academy Ltd in unlawfully promoting and arranging forex trading using contracts for difference (CFDs).

24HR Trading unlawfully provided trading signals to clients for a fee. The ‘signals’ were sent via WhatsApp and contained recommendations about contracts for difference (CFDs) relating to currencies and commodities. The court found that these 'signals' amounted to unlawful investment advice.

24HR Trading also encouraged consumers to open trading accounts with 'partnered brokers' to place their CFD trades. Mr Maricar received significant sign-up and other commissions from these brokers. This conduct was found to constitute both financial promotion and making arrangements with a view to consumers acquiring investments.

24HR Trading and Mr Maricar were not authorised by the FCA, or exempt from authorisation, and the promotional communications were not approved by an authorised person.

Since March Mr Maricar has failed to make any payment in relation to the High Court’s restitution order and the FCA has this month secured a bankruptcy order to try and secure some compensation for investors.

In June the Court of Appeal refused Mr Maricar’s application for permission to appeal and the same month the FCA filed a bankruptcy petition against Mr Maricar who did not oppose the petition.

Mr Maricar is believed to be one of a number of people offering investment advice via WhatsApp and social media. These services often offer so-called ‘trading signals’ to indicate to clients when they should buy and sell.

The FCA says that consumers and other persons who consider they may have claims against Mr Maricar should contact the Official Receiver / bankruptcy trustee and may wish to obtain their own legal advice. 

The FCA will aim to distribute any money recovered via the bankruptcy process to eligible consumers. The FCA can be contacted at This email address is being protected from spambots. You need JavaScript enabled to view it..