Former Love Island Stars Charged with Promoting a Trading Scheme on Instagram - Latest Global News

Former Love Island Stars Charged with Promoting a Trading Scheme on Instagram

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British regulators have charged former reality TV stars turned social media “finfluencers” with promoting an unauthorized financial trading scheme.

The Financial Conduct Authority said on Thursday it had laid charges against nine people – many of whom appeared on shows including Love Island And The only way is through Essex – about her involvement in promoting a foreign exchange program related to high-risk derivatives on Instagram between 2018 and 2021.

The group is accused of promoting an investment scheme run by 30-year-old Emmanuel Nwanze, who allegedly paid seven of the social media influencers to promote an Instagram account that gave his 4.5 million followers advice on buying and selling Contracts for difference (CFDs) existed.

The FCA is trying to crack down on “finfluencers” who use their social media accounts to promote financial programs or companies.

This year the regulator issued guidance on financial advertising on social media to “address the emerging consumer harm arising from the use of social media”.

Communicating unauthorized financial advertisements is a criminal offense under the Financial Services and Markets Act 2000, punishable upon conviction by a fine and/or imprisonment for up to two years.

On Thursday, the FCA said Nwanze had been charged with one count of carrying out a regulated activity without appropriate authorization and one count of unauthorized communication of financial advertising.

Former Love Island Participants Rebecca Gormley (26), Biggs Chris (32), Jamie Clayton (32) and Eva Zapico (25) were accused in one case of issuing unauthorized financial advertising communications.

The same accusation was made The only way is through Essex The main roles are Lauren Goodger (37) and Yazmin Oukhellou (30), the winner of the 2016 reality show celebrity Big Brother Scott Timlin, 36, and Holly Thompson, 33.

Financial regulators imposed restrictions on the sale and marketing of CFDs in 2019, warning that 80 percent of customers lost money when investing in high-leverage instruments.

The social media advertising guidelines are part of the Consumer Duties Regulation, introduced last year to require companies to meet higher standards of consumer protection.

The defendants are due to appear at Westminster Magistrates’ Court on June 13.

None of the nine people immediately responded to a request for comment.

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