Bankruptcy order issued against 24HR Trading operator Mohammed Maricar

The UK financial regulator The FCA has announced that it has obtained a bankruptcy order against Mohammed Maricar, following his unlawful operation of a CFD/forex trading promotion business called 24HR Trading Academy.

On 25 March 2021, following an application for summary judgment by the Financial Conduct Authority, the High Court ordered Mohammed Fuaath Haja Maideen Maricar to pay £530,000 to the FCA to distribute to victims of an unlawful forex trading business.

Mr Maricar was involved with 24HR Trading Academy Ltd in unlawfully promoting and arranging forex trading using contracts for difference (CFDs).

The FCA stated that Mr Maricar has failed to make any payment in relation to the High Court’s restitution order. On 30 June 2021, the Court of Appeal refused Mr Maricar’s application for permission to appeal.

On 14 June 2021, the FCA filed a bankruptcy petition, seeking a bankruptcy order against Mr Maricar. He did not oppose the FCA’s petition.

On 3 August 2021, The High Court made a bankruptcy order against Mr Maricar. 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 said that it will in due course seek to distribute any money which it receives from the bankruptcy process to eligible consumers.

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