FCA Secures Bankruptcy Order To Refund £530K To Investors

By Najiyya Budaly (August 9, 2021, 3:44 PM BST) -- Britain's financial watchdog said Monday that it has won a High Court application for a bankruptcy order to recover £530,000 ($735,000) from a trader who lost investor money in the foreign exchange market after giving unauthorized advice over social media.

The London court made a bankruptcy order against Mohammad Fuaadh Haja Maideen Maricar on Aug. 3 after the Financial Conduct Authority filed a petition in June, the regulator said. Maricar did not oppose the FCA's bankruptcy petition.

Maricar unlawfully promoted and arranged forex trading using contracts for difference, or CFDs, at 24HR Trading Academy Ltd., the FCA said. The High Court...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!