Background
The 24HR trading platform promised clients significant profits if the client followed the instructions through WhatsApp and other messengers. This included CFDs contracts for currencies and commodities. The FCA warned that the platform didn’t have the required regulatory license and froze Maricar’s assets in April 2020. The regulator froze Maricar’s assets and brought a case against him in April 2020, and the court later ordered Maricar to pay £530,000 compensation to consumers.
Maricar didn’t pay the penalty so the FCA filed for Maricar’s bankruptcy. Maricar was declared bankrupt by the High Court in August 2022. An official receiver was appointed to his estate.
The FCA actively warns against fraudulent platforms. It blocked more than 8,500 financial promotions last fiscal year and published more that 1,800 scam alerts.
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