24HR Trading platform offered trading signals to clients promising substantial profits if they followed instructions via WhatsApp and other messengers. These signals involved CFDs contracts on commodities and currencies. In September 2019, the FCA warned the platform that it did not have the appropriate regulatory license. The regulator froze Maricar’s assets and brought a case against him in April 2020, and the court later ordered Maricar to pay £530,000 compensation to consumers.
Maricar didn’t pay the penalty so the FCA petitioned him for bankruptcy. In August 2022, the High Court issued a bankruptcy judgment against Maricar and appointed an official receiver to manage his estate.
The FCA actively warns against fraudulent platforms. It blocked more than 8,500 financial promotions last fiscal year and published more that 1,800 scam alerts.
LeapRate first published the post FCA announces compensation to victims of 24HR Trading Academy Ltd