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....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!