High Court Action Against Rogue Adviser

Published / Last Updated on 26/04/2020

The Financial Conduct Authority (FCA) has begun High Court proceedings against an unauthorised trading investment advice firm.

24HR Trading Academy (24HTA) and Mohammed Fuaath Haja Maideen Maricar, the sole director, advised and arranged deals in investments and engaged in financial promotions without FCA authorisation.

The FCA alleged director Maricar 24HTA’s was concerned in 24HTA’s activities which included transmitting trading signals and making other investment recommendations via social media and WhatsApp to their clients.

Consumers were encouraged to sign up with partnered brokers to place their trades and told to follow given trading instructions that would make them significant profits.

Maricar or 24HTA allegedly received sign up and other commissions from brokers he intriduced trades to as well as monthly payments from clients for the trading signals.  The FCA froze the defendant’s assets up to £624,311 and secured a temporary stop on their activities pending further investigations. 

The FCA is seeking a ruling from the court that the defendant conducted unregulated activities and unlawfully made financial promotions and an order to prevent them from carrying out such activities in the future.

The regulator will also ask for a restitution order which would distribute the defendant’s frozen assets back to the consumers that had suffered financial losses as a result of the alleged breaches of the Financial Services and Markets Act.


Sadly, this is all too common.

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