Trader Ordered To Pay Up Over WhatsApp Promos In FCA Suit

Law360, London (March 25, 2021, 4:49 PM GMT) -- A London judge ordered a U.K.-based trader on Thursday to cough up £530,000 ($727,000) for former customers who lost money investing on the foreign exchange market, for providing unauthorized investment advice over WhatsApp and other social media platforms.

Judge Jonathan Richards ruled for the High Court that Mohammad Fuaadh Haja Maideen Maricar encouraged customers to make trades on the foreign exchange market without receiving permission from the Financial Conduct Authority.

The judge said that Maricar's company, 24HR Trading Academy Ltd., essentially arranged trades for its customers by offering free trials and reduced fees if they signed with certain foreign exchange platforms....

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