A UK court has authorized the Financial Conduct Authority (FCA) to distribute £106,650 of the recovered funds to 1,387 victims of illegal CFD signal provider, 24HR Trading Academy. Investors who took part in the scheme lost a total of £1.3m, with losses ranging from £52,781 to 10p per investor, according to the company. court document.
Master MacQuell of the High Court of England and Wales reached the decision on Wednesday, approving the FCA’s plan to distribute the fund in proportion to each investor’s loss. However, only those whose losses exceed £500 are compensated.
Mohamed Marikar, sole director and shareholder of 24HR Trading Academy, ran an unregistered “Signals Service” platform, providing forex recommendations to investors. Through the platform’s website, Maricar also shared links to two partner forex brokers’ pages for the company’s clients to sign up with. He earned a commission from this practice.
finance poles It reported in February that FCA had received £106,650 from the official recipient in the case and had sought permission from the court to distribute the funds. In making his ruling, McQuail accepted the UK watchdog’s proposal to pay only those investors identified through bank statements and PayPal records made for forex brokers.
“The quality of the records available to the FCA in the Marikar case means that the FCA is confident that the proportional distribution can be carried out to some degree based on the losses it has identified from the enforcement actions it has taken,” Macwell said in his letter. I took it.” Court ruling.
FCA is fighting for a refund
FCA first acted against 24HR Trading Academy in September 2019 when it suspended the platform from operating without the necessary regulatory authorization. Following this warning, in April 2020 the British agency sued Maricar and froze £624,000 of his assets.
In March 2021 the High Court ruled in favor of the FCA and Maricar was ordered to repay the losses with his liability being set at £530,000. However, after the principal’s failure to make redemption payments, in August of the year the Markets Superintendent obtained a bankruptcy order against Marikar.
Crypto advertising bases started in Belgium; FINMA business; Read snippets of today’s news.
A UK court has authorized the Financial Conduct Authority (FCA) to distribute £106,650 of the recovered funds to 1,387 victims of illegal CFD signal provider, 24HR Trading Academy. Investors who took part in the scheme lost a total of £1.3m, with losses ranging from £52,781 to 10p per investor, according to the company. court document.
Master MacQuell of the High Court of England and Wales reached the decision on Wednesday, approving the FCA’s plan to distribute the fund in proportion to each investor’s loss. However, only those whose losses exceed £500 are compensated.
Mohamed Marikar, sole director and shareholder of 24HR Trading Academy, ran an unregistered “Signals Service” platform, providing forex recommendations to investors. Through the platform’s website, Maricar also shared links to two partner forex brokers’ pages for the company’s clients to sign up with. He earned a commission from this practice.
finance poles It reported in February that FCA had received £106,650 from the official recipient in the case and had sought permission from the court to distribute the funds. In making his ruling, McQuail accepted the UK watchdog’s proposal to pay only those investors identified through bank statements and PayPal records made for forex brokers.
“The quality of the records available to the FCA in the Marikar case means that the FCA is confident that the proportional distribution can be carried out to some extent based on the losses it has identified from the enforcement actions it has taken,” Macwell said in his letter. I took it.” Court ruling.
FCA is fighting for a refund
FCA first acted against 24HR Trading Academy in September 2019 when it suspended the platform from operating without the necessary regulatory authorization. Following this warning, in April 2020 the British agency sued Marikar and froze £624,000 of his assets.
In March 2021 the High Court ruled in favor of the FCA and Maricar was ordered to repay the losses with his liability being set at £530,000. However, after the principal’s failure to make redemption payments, in August of the year the Markets Superintendent obtained a bankruptcy order against Maricar.
Crypto advertising bases started in Belgium; FINMA business; Read snippets of today’s news.
