Reality TV Stars Charged in UK Crackdown on 'Finfluencers'

The UK Financial Conduct Authority has charged nine individuals, including reality TV stars, for promoting unauthorised trading schemes on Instagram. Emmanuel Nwanze and Holly Thompson allegedly offered high-risk foreign currency trading advice without FCA authorisation and enlisted reality TV stars to promote their schemes. They face fines and potential jail time, with a court appearance set for June 13.

The UK Financial Conduct Authority (FCA) has charged nine individuals, including reality TV stars, for promoting unauthorised trading schemes on Instagram.

Among those charged are Emmanuel Nwanze, 30, and Holly Thompson, 33, who allegedly offered advice on trading high-risk foreign currency derivatives without proper authorisation from the FCA between May 2018 and April 2021.

Nwanze is also accused of enlisting reality TV stars such as Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico to promote the @holly_fxtrends Instagram account.

The implicated celebrities have a combined 4.5 million Instagram followers and are known from shows like 'Love Island' and 'The Only Way is Essex'.

Each faces charges of issuing unauthorised financial promotions, punishable by fines and up to two years in jail.

Nwanze also faces additional charges for running an unauthorised investment scheme.

The group is scheduled to appear before Westminster Magistrates' Court on June 13.

The FCA has urged anyone who suffered financial losses from the scheme to contact them.