FCA To Compensate Consumers Following Unlawful CFD Forex Trading
Summary of Development
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.