FX Trader Who Posted WhatsApp Advice Ordered to Return $727,000

A foreign exchange trader who posted investment advice via WhatsApp messages was ordered to return more than 530,000 pounds ($727,000) to clients by a London judge.

24HR Trading Academy Ltd.’s director, Mohammed Fuaadh Haja Maideen Maricar, sent “trading signals” and other investment recommendations to clients without regulatory approval, the Financial Conduct Authority, which pursued the case said Thursday. The recovered funds will be distributed to customers, the FCA said.

“Neither 24HR Trading nor Mr. Maricar were permitted to give investment advice which, in this case, included sending trading signals via social media and their conduct risked substantial losses for ...