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...

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