The High Court has ruled that 24HR Trading Academy was unlawfully advising on investments and unlawfully promoting contracts for difference (CFD) trading, fining the man who ran the company £530,000.
The High Court found that the company, run by Mohammed Fuaath Haja Maideen Maricar, contravened the Financial Services and Markets Act 2000 (FSMA). He did so by providing trading signals to consumers, giving them unauthorised investment advice via WhatsApp messages. These signals, which he also charged these customers a fee for, contained recommendations about CFDs relating to currencies and commodities. The court found it to be unlawful investment advice. The court also found Maricar was knowingly concerned in his company's contraventions of the FSMA. Elsewhere, 24HR Trading en...
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