Scott Timlin, 36, a former Geordie Shore star and Celebrity Big Brother winner, has pleaded not guilty to charges of promoting an unauthorised foreign exchange trading scheme on Instagram. He appeared at Westminster Magistrates' Court in London on Thursday alongside other social media influencers accused in a Financial Conduct Authority (FCA) crackdown on so-called 'finfluencers'.
The FCA alleges that between May 2018 and April 2021, Emmanuel Nwanze, 30, and Holly Thompson, 34, used the Instagram account @holly_fxtrends to provide advice on buying and selling contracts for difference (CFDs) without authorisation. CFDs are high-risk investments, with the FCA stating that 80% of customers lose money. The watchdog has imposed restrictions on their sale and marketing to retail customers.
Nwanze is accused of paying seven reality TV stars—including Timlin, former Love Island contestants Biggs Chris, Jamie Clayton, Rebecca Gormley, and Eva Zapico, and Towie stars Lauren Goodger and Yazmin Oukhellou—to promote the account to their combined 4.5 million Instagram followers. All nine face one count of issuing unauthorised communications of financial promotions, punishable by a fine and/or up to two years in prison.
Timlin, Oukhellou, Nwanze, and Zapico appeared in person, while Thompson and Goodger joined via video link. Nwanze also faces an additional charge of breaching the general prohibition against running an unauthorised investment scheme. He pleaded not guilty to both charges. The other defendants did not indicate their pleas.
A trial preparation hearing is set for 11 July at Southwark Crown Court, with all defendants granted unconditional bail. The FCA has urged anyone who believes they suffered losses from the scheme to contact its consumer contact centre on 0800 111 6768.
