The Financial Conduct Authority (FCA) has charged seven reality TV stars, including former Love Island contestants and cast members from The Only Way is Essex (Towie), with promoting an unauthorised foreign exchange trading scheme on Instagram. The crackdown targets so-called 'finfluencers' who collectively have 4.5 million followers on the platform.
Former Love Island contestants Biggs Chris, 32, Jamie Clayton, 32, Rebecca Gormley, 26, and Eva Zapico, 25, each face one count of issuing unauthorised communications of financial promotions. This offence under the Financial Services and Markets Act 2000 carries a potential fine and up to two years in prison.
Towie stars Lauren Goodger, 37, and Yazmin Oukhellou, 30, along with Scott Timlin, 36, a former Celebrity Big Brother winner, face the same charge. The FCA alleges that Emmanuel Nwanze, 30, and Holly Thompson, 33, offered advice on buying and selling contracts for difference (CFDs) over Instagram between May 2018 and April 2021 without authorisation.
According to the FCA, Nwanze paid the seven reality stars to promote the @holly_fxtrends Instagram account to their followers. Thompson and Nwanze have been charged with issuing unauthorised communications, and Nwanze additionally faces a charge of running an unauthorised investment scheme. All nine are due to appear before Westminster Magistrates' Court on 13 June.
The FCA has urged anyone who believes they suffered a loss from the scheme to contact its consumer contact centre.
