FX Trader Who Posted Promises of Profits Faces FCA Asset Freeze

The Financial Conduct Authority filed a lawsuit against an unauthorized foreign-exchange trader and moved to freeze more than $750,000 of its assets.

24HR Trading Academy Ltd.’s director, Mohammed Fuaadh Haja Maideen Maricar, sent “trading signals” and other investment recommendations to clients via WhatsApp and other social media platforms, the U.K. regulator said Monday in a statement. “Clients were told that if they followed these trading instructions, they would make significant profits,” the FCA said.

The FCA said that it has secured an interim injunction stopping the activities and freezing up to 624,000 pounds ($775,000) of 24Hour Trading’s assets.

It’s not ...