The UK Financial Conduct Authority (FCA) has brought charges against nine individuals in relation to an unauthorised FX trading scheme promoted on social media.
Emmanuel Nwanze has been charged with running an unauthorised investment scheme and issuing unauthorised financial promotions.
The FCA alleges 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.
The defendants will appear before Westminster Magistrates’ Court on 13 June 2024.
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).
Mr Nwanze faces one count of breaching the General Prohibition under Section 19 of the Financial Services and Markets Act 2000, and one count of unauthorised communications of financial promotions under Section 21 of the Financial Services and Markets Act.
Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face one count of unauthorised communications of financial promotions under Section 21 of the Financial Services and Markets Act 2000.
Breaching the General Prohibition is an offence under Sections 19 and 23 of the Financial Services and Markets Act 2000 punishable upon conviction by a fine and/or up to 2 years’ imprisonment.
Communicating unauthorised financial promotions is an offence under Sections 21 and 25 of the Financial Services and Markets Act 2000 punishable upon conviction by a fine and/or up to 2 years’ imprisonment.
