UK News in Pictures

|

Home Breaking Reality TV Stars Charged Over Investment Plugs

Reality TV Stars Charged Over Investment Plugs

Reality TV Stars Charged Over Investment Plugs

Social media influencers with a combined Instagram following of 4.5 million people have been charged in connection with promotions of unauthorized investments.

Reality TV Stars Charged Over Investment Plugs

The Financial Conduct Authority (FCA), the City watchdog, has levied charges against individuals, including Lauren Goodger from the reality show “The Only Way is Essex,” and Biggs Chris, a former contestant on “Love Island.” This move comes after warnings from the FCA that it would crack down on misleading posts by so-called “influencers.”

Reality TV Stars Charged Over Investment Plugs

The FCA alleges that Emmanuel Nwanze, 30, and Holly Thompson, 33, operated an Instagram account under the handle @holly_fxtrends. The account purportedly offered advice on buying and selling investments known as contracts for difference (CFDs) without the required authorization from the regulator.

Reality TV Stars Charged Over Investment Plugs

Contracts for difference are high-risk investments used to speculate on the price movements of assets, such as foreign currencies. The FCA emphasizes that the majority of investors, approximately 80%, incur losses due to the inherent risks associated with CFDs.

Reality TV Stars Charged Over Investment Plugs

Mr. Nwanze is accused of orchestrating the foreign exchange trading scheme and disseminating unauthorized financial promotions. The FCA alleges that he paid social media influencers to endorse @holly_fxtrends to their Instagram followers.

Reality TV Stars Charged Over Investment Plugs

Love Island alumni Jamie Clayton, Rebecca Gormley, and Eva Zapico, along with Towie’s Yazmin Oukhellou, and Geordie Shore’s Scott Timlin are among those implicated.

Reality TV Stars Charged Over Investment Plugs

Mr. Nwanze, Ms. Thompson, and the influencers involved have been charged with unauthorized communications of financial promotions. Additionally, Mr. Nwanze faces one count of breaching the general prohibition under the Financial Services and Markets Act 2000, which prohibits individuals from conducting regulated activities in the UK without proper authorization.

If convicted, the defendants could face imprisonment for up to two years. They are scheduled to appear before Westminster Magistrates Court on 13 June.

This development underscores the FCA’s commitment to safeguarding consumers from potentially harmful financial promotions and reinforces the importance of transparency and compliance within the influencer marketing sphere.

social media2

Never miss another Breaking story again

 

You can sign up to get the latest news, top stories and exclusives sent straight to your WhatsApp from the UKNIP team.

WhatsApp
Instagram
Snapchat

To get stories sent to you, you need to already have WhatsApp. All you need to do is click this link and select ‘join community’

No one will be able to see who is signed up and no one can send messages except the UKNIP team. you can read your privacy policy notice.

Click here to join our WhatsApp community.

Follow UKNIP 

Single Post Template

Most Read

UK News in Pictures delivers instant news and picture coverage as the story unfold. Stay current with breaking stories thanks to this round-the-clock news service. Operating 24/7, it provides up-to-the-minute reporting on breaking news, community updates, and more, ensuring you’re always informed, wherever you are, every day of the week.

Edtior's Picks

© 2024 All Rights Reserved. Designed and Developed by UKNIP

Adblock Detected

Please support us by disabling your AdBlocker extension from your browsers for our website.