The Financial Conduct Authority (FCA) has commenced High Court proceedings against unauthorised investment advice firm 24HR Trading Academy (24HTA) and its sole director, Mohammed Fuaath Haja Maideen Maricar.
The FCA claimed that from 2017, 24HTA and/or Maricar have advised on investments, arranged deals in investments and engaged in financial promotions without FCA authorisation. The FCA alleged that Maricar has been knowingly concerned in 24HTA's contraventions, which allegedly included 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, the regulator claimed. Consumers were allegedly encouraged to sig...
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