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In a recent court hearing at Westminster Magistrates’ Court, three defendants—Emmanuel Nwanze, Scott Timlin, and Holly Thompson—indicated pleas of not guilty. Meanwhile, Yazmin Oukhellou, Lauren Goodger, and Eva Zapico did not provide any pleas.

A plea and trial preparation hearing has been scheduled for July 11 at Southwark Crown Court for these six individuals. Additionally, the first hearing for Biggs Chris, Jamie Clayton, and Rebecca Gormley has been adjourned to July 3 at 2 p.m. at Westminster Magistrates’ Court.

Emmanuel Nwanze faces charges related to running an unauthorised investment scheme and issuing unauthorised financial promotions. The Financial Conduct Authority (FCA) alleges that between May 19, 2018, and April 13, 2021, Mr. Nwanze and Holly Thompson used an Instagram account (@holly_fxtrends) to provide advice on buying and selling contracts for difference (CFDs) without proper authorisation. CFDs are high-risk investment products used to speculate on the price of assets, including foreign currencies.

Furthermore, the FCA claims that Mr. Nwanze paid Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico to promote the @holly_fxtrends Instagram account to their millions of followers.

Each of the defendants—Ms. Thompson, Mr. Chris, Mr. Clayton, Ms. Goodger, Ms. Gormley, Ms. Oukhellou, Mr. Timlin, and Ms. Zapico—faces one count of issuing unauthorised communications of financial promotions.

The next court appearance for all defendants is scheduled for June 13, 2024, at Westminster Magistrates’ Court.

If you believe you have suffered losses related to this matter, the FCA encourages you to contact their consumer contact centre at 0800 111 6768 (freephone).