Members of the public who invested in an unauthorised collective investment scheme established and operated by Synergy Land Group Limited, between late 2009 and May 2011, will now receive money back after the High Court granted a distribution order to the FCA.
The FCA has recovered approximately £27,000 after Samuel Exall, Synergy’s Director, was ordered to sell assets. This will now be distributed to the Synergy investors.
Anyone who invested in the Synergy scheme and has not been in contact with the FCA or been notified by the regulator that a payment will be made to them should make contact by 17 July 2023 at [email protected].
Separately, the FCA has also secured permission from the Court to distribute funds obtained from Mohammed Maricar, sole director of 24HR Trading Academy Ltd. 24Hr Trading Academy provided unlawful contracts for difference (CFDs) forex trading promotions.
In September 2022, the FCA received payment of £106,650.58, from the Official Receiver, who was appointed over Mr Maricar’s bankruptcy estate. The sum will now be distributed among investors.
The FCA has taken an approach to ensure as much money is recovered for investors as possible. With this process now complete, the FCA does not expect further funds to be recovered.
Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said:
‘Tackling financial crime and securing redress for victims is a priority for us. Consumers should always check our Register and be very wary of unauthorised firms, as they present a very high risk with no guarantee of compensation if things go wrong. Often funds invested are completely lost.’