UK influencers face two-year imprisonment for promoting CFDs

abdelaziz Fathi

Social media influencers with a combined following of 4.5 million people have been charged in relation to promoting unauthorized investments, the Financial Conduct Authority (FCA) announced on Wednesday.

The City watchdog has brought charges against several high-profile television personalities, Love Island stars, and Instagram influencers, alleging they were paid to promote investment schemes without the required authorization.

The FCA’s lawsuit names nine individuals, including TOWIE’s Lauren Goodger, Love Island’s Rebecca Gormley, and Geordie Shore’s Scott Timlin. They are scheduled to appear before Magistrates on June 13, 2024. If convicted, they could face up to two years imprisonment.

The regulator alleges that these individuals promoted a complex contracts for difference (CFD) product through their social media accounts without authorization. CFDs are high-risk investment products used to bet on the price movements of assets, in this case, foreign currencies. The FCA noted that 80% of customers typically lose money when investing in CFDs due to their inherent risks.

“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 center on 0800 111 6768 (freephone).”

The individuals to appear in court include Emmanuel Nwanze, Holly Thompson, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico.

According to the FCA, the combined Instagram following of these individuals is 4.5 million.

Between May 19, 2018, and April 13, 2021, Nwanze and Holly Thompson allegedly used an Instagram account (@holly_fxtrends) to provide advice on buying and selling CFDs without the necessary authorization. The FCA further alleges that 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.

The FCA has urged anyone who may have suffered financial losses related to this case to contact their consumer contact center.

Read this next


Top Bullish Crypto: & Pepe Coin Price Surge, But BlockDAG Sees Investor Rush as X Series Miners Stand Out

Compare (FET) Bull Run, Pepe Coin price, and top bullish crypto BlockDAG. Discover why BlockDAG’s innovation and growth potential make it the best choice.

Digital Assets

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny.

Institutional FX

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services.


Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum.

Retail FX

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities.

Digital Assets shelves plan to operate in Hong Kong

Gate Digital Ltd (Gate HK) announced it is winding down operations and has withdrawn its application for a crypto trading platform license in Hong Kong.


Sui and Mesh Combine Forces to Bring Simplified Transactions Across the Sui Ecosystem

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI token

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 23 May, 2024

EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.

Digital Assets

Bybit denies financial woes and hacking rumors

Ben Zhou, CEO of Dubai-based cryptocurrency exchange Bybit, has refuted circulating rumors that the platform has been hacked or is insolvent. Zhou addressed the speculations in a post on the social media platform X.