Major TV personalities, Love Island stars and Instagram influencers have been named in a list of defendants to appear in court over promoting unauthorised investment schemes.
The Financial Conduct Authority has brought charges against nine individuals including TOWIE’s Lauren Goodger, Love Island’s Rebecca Gormley and Geordie Shore’s Scott Timlin, who are to appear before Magistrates on 13 June 2024.
The regulator alleges that these individuals promoted a complex contracts for difference (CFD) product through social media feeds when they were not authorised to do so.
“CFDs are a high-risk investment product used to bet on the price of an asset, in this case the price of foreign currencies,” an FCA spokesperson said in a statement.
“Anyone who believes they have suffered loss in relation to this matter is encouraged to contact the FCA consumer contact centre on 0800 111 6768 (freephone).”
The individuals to appear in court are Emmanuel Nwanze (DoB 07/01/1994) , Holly Thompson (also known as Holly Zucchero) (DoB 25/05/1990), Biggs Chris (DoB 15/05/1992), Jamie Clayton (DoB 18/11/1991), Lauren Goodger (DoB 19/09/1986), Rebecca Gormley (DoB 18/04/1998), Yazmin Oukhellou (DoB 03/05/1994), Scott Timlin (DoB 26/04/1988), Eva Zapico (DoB 23/07/1998).
The combined following of the Instagram accounts of these individuals was 4.5 million, according to the FCA.
Specifically, the watchdog said that between 19 May 2018 and 13 April 2021, Mr Nwanze and Holly Thompson used an Instagram account (@holly_fxtrends) to provide advice on buying and selling contracts for difference (CFDs) when they were not authorised to do so.
The FCA also alleges 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 Instagram followers.
Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face one count of issuing unauthorised communications of financial promotions.
Financial Promoter has contacted the representatives of the named individuals for comment.
UPDATE:
On July 11, 2024, at a plea and trial preparation hearing at Southwark Crown Court, Holly Thompson, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou and Scott Timlin each pleaded not guilty to one count of issuing unauthorised communications of financial promotions.
Emmanuel Nwanze pleaded not guilty to providing advice on buying and selling contracts for difference (CFDs) while unauthorised to do so and 1 count of unauthorised communications of financial promotions.
Eva Zapico did not enter a plea at this time. A further plea hearing for her case was fixed for 26 September 2024.
Due to court availability, trial dates were fixed for 1 February 2027 and 15 March 2027 at Southwark Crown Court.