FCA secures £130,000 to return to investors

The High Court has recently granted a distribution order to the Financial Conduct Authority (FCA), enabling members of the public who invested in an unauthorized collective investment scheme operated by Synergy Land Group Limited between late 2009 and May 2011 to receive a refund. Samuel Exall, the Director of Synergy, has been instructed to sell assets, resulting in the recovery of approximately £27,000. This recovered amount will now be distributed to the affected Synergy investors.

In a separate development, the FCA has been granted permission by the Court to distribute funds obtained from Mohammed Maricar, the sole director of 24HR Trading Academy Ltd. This company had engaged in unlawful contracts for difference (CFDs) forex trading promotions. In September 2022, the FCA received a payment of £106,650.58 from the Official Receiver, who was appointed over Mr. Maricar's bankrupt estate. This sum will now be distributed among the affected investors.

The FCA has diligently pursued the recovery of funds on behalf of the investors, aiming to maximize restitution. With this process now concluded, the FCA does not anticipate any further recovery of funds.

Therese Chambers, the Executive Director of Enforcement and Market Oversight at the FCA emphasized the agency's commitment to combating financial crime and securing redress for victims. She advised consumers to regularly consult the FCA Register and exercise extreme caution when dealing with unauthorized firms. Such entities carry a high risk, and in case of any wrongdoing, there is no guarantee of compensation, often resulting in the complete loss of invested funds.