Social Media Stars and Influencers in Court Over Shady Investment Scheme
Big names including Emmanuel Nwanze, Scott Timlin, and Holly Thompson have pleaded not guilty at Westminster Magistrates’ Court. Meanwhile, well-known faces Yazmin Oukhellou, Lauren Goodger, and Eva Zapico stayed silent, refusing to enter pleas.
Upcoming Hearings Set as Trial Looms
A plea and trial prep hearing for the six defendants is booked for July 11 at Southwark Crown Court. Meanwhile, Chris Biggs, Jamie Clayton, and Rebecca Gormley face their first hearing on July 3 at Westminster Magistrates’ Court.
FCA Cracks Down on ‘Unauthorised’ Investment Scheme
Emmanuel Nwanze is accused of running a dodgy investment racket and pushing unauthorised financial promotions. According to the Financial Conduct Authority (FCA), between May 2018 and April 2021, Nwanze and Thompson used the Instagram account @holly_fxtrends to dish out high-risk trading advice on contracts for difference (CFDs) — without proper authorisation.
CFDs are risky bets on assets like foreign currencies, making this a serious allegation.
Influencers Paid to Peddle Suspicious Promotions
The FCA claims Nwanze also paid social media stars — including Biggs, Clayton, Goodger, Gormley, Oukhellou, Timlin, and Zapico — to promote @holly_fxtrends to their millions of followers.
Each faces charges for broadcasting unauthorised financial promotions.
Next Steps in Court and How to Claim Losses
All defendants return on June 13, 2024, at Westminster Magistrates’ Court.
Think you’ve lost money because of this? The FCA urges victims to call their free consumer helpline on 0800 111 6768.
