The High Court has delivered a summary judgement after FCA issued proceedings against 24HR Trading Academy Limited and Mohammed Maricar, who ran the firm. It found the firm breached FSMA by providing unauthorised investment advice to consumers in Whats App messages, and that Mr Maricar was knowingly concerned in the breaches.
The firm provided trading signals relating to CFDs for a fee, and also encouraged consumers to open trading accounts with “partnered brokers” from whom Mr Maricar received significant sign-up and other commissions. The Court found this involved the making of unauthorised financial promotions and unauthorised “arranging” for consumers to acquire investments.
The judgment includes a restitution order against Mr Maricar and an injunction restraining the firm from continuing its unlawful signals business.