Social media ‘finfluencers’ deny promoting high-risk scheme

A group of social media influencers including TOWIE stars, and a Big Brother winner today (thurs) denied promoting a ‘high-risk’ foreign exchange scheme.

Original TOWIE cast member Lauren Goodger, 37, along with former Love Island star Biggs Chris, 32, and 2016 Celebrity Big Brother winner Scott Timlin, 36, also known as Scotty T, were allegedly paid to promote the scheme to 4.5m Instagram followers.

Also charged by the Financial Conduct Authority (FCA) are former Love Islanders Rebecca Gormley, 26, Jamie Clayton, 32, and Eva Zapico, 25 and TOWIE member Yazmin Oukhellou, 30.

The social media influencers and reality TV ‘entrepreneurs’ allegedly promoted @holly_fxtrends to £4.5 million Instagram followers.

Timlin, Clayton and Nwanze appeared in person at Southwark Crown Court this morning.

Goodger, Chris, Gormley, Oukhellou and 33-year-old Holly Thompson – also known as Holly Zucchero appeared via video link.

They all denied issuing unauthorised communications of financial promotions.

Zapico was excused from court today and will enter a plea on 26 September.

They are said to have promoted a foreign exchange scheme, linked to high-risk derivatives, run by Emmanuel Nwanze, 30.

He allegedly paid seven of the influencers to promote an Instagram account that provided advice on buying and selling contracts for difference (CFDs) to their combined 4.5mn followers between 2018 and 2021.

Nwanze denied one count of breaching the general prohibition of the Financial Services and Markets Act 2000 and one of unauthorised communications of financial promotions.

Judge Sally-Ann Hales said due to the court only accommodating six defendants at a time the prosecution must indicate how they will split the nine defendants into two separate trials.

Addressing the influencers she said: ‘Your trial will be either the four weeks commencing 1 February 2027 or four weeks commencing 15 March 2027 at the moment it’s not possible to say which of those trial dates will apply to you as individuals I’m afraid you’re going to have to keep the entirety of that period clear until September this year.’

Goodger, of Upminster, Essex, Chris, of Motherwell, Scotland, Gormley, of Wallsend, Newcastle, Clayton, of Eccles, Greater Manchester, Zapico, of Bromley, south London,
Thompson, of Fenham, Newcastle, Timlin, of Newcastle, Oukhellou, of Hoddesden, Herts, were all released on unconditional bail.

The case brought by the FCA relates to the ‘promotion of the unauthorised provision of such advice through an Instagram account, using the handle ‘@holly_fxtrends’ (‘the Holly account’) and the promotion of that account by a number of social media ‘influencers’.

The Holly account was registered, between 1 March to 26 May 2020, in the name of ‘Holly Zucchero’ with an e-mail address of holly_fxtrends@hotmail.com.

According to the prosecution, Holly Zucchero is and was, a persona adopted by the second defendant, Holly Thompson’.

It was allegedly used to promote a foreign exchange trading service and ‘combined images of Ms Thompson, often in glamorous locations or surrounded by high value goods, with FX trading related posts.
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