The UK Financial Conduct Authority (FCA) obtained a bankruptcy order against Mohammed Fuaath Haja Maideen Maricar on Monday, who is accused of unlawful forex trading promotion. According to the announcement, the UK High Court issued an order against the individual to pay £530,000 to the FCA. This amount will be distributed among the victims of 24HR Trading Academy Ltd.
Moreover, the FCA says that Maricar has failed to make any payment concerning the court’s restitution order. In fact, the individual submitted an application for permission to appeal, which was refused by the Court of Appeal on June 30. “Mr Maricar was involved with 24HR Trading Academy Ltd in unlawfully promoting and arranging forex trading using contracts for difference (CFDs),” the UK financial watchdog noted.
Maricar did not oppose in a first instance to the FCA’s bankruptcy petition filed on June 14. “The Official Receiver/bankruptcy trustee will now assess Mr Maricar’s financial affairs, with the aim of any recovered funds being distributed to his creditors. Consumers and other persons who consider they may have claims against Mr Maricar should contact the Official Receiver/bankruptcy trustee and may wish to obtain their own legal advice. They should note all applicable time limits,” the FCA’s announcement added.
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Money to Be Distributed among Eligible Victims
That said, the watchdog expects to distribute the money received from the bankruptcy order among eligible consumers. However, it did not specify the details of the consumers that would be entitled to compensation.
In July, Finance Magnates reported that the FCA banned Matthew Creed from performing any regulated activity under its jurisdiction. The decision comes in response to an investigation that found out that the convicted and former director at AAA Management Limited did not inform the watchdog about his bankruptcy and disqualification as a company director. On June 21, 2018, Creed was sentenced for four counts related to fraud by executing transactions of creditors contrary to the UK Insolvency Act 1986.