'Finfluencers' face FCA legal action over trading scheme

Social media scam

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has taken legal action against nine people involved in an unauthorised foreign exchange trading scheme propagated on social media platforms.

Emmanuel Nwanze has been accused of orchestrating an unapproved investment scheme and disseminating unauthorised financial promotions. Allegations suggested that between 19 May 2018 and 13 April 2021, Nwanze, along with Holly Thompson, operated an Instagram account (@holly_fxtrends), offering advice on buying and selling contracts for difference (CFDs) without authorisation. Furthermore, the FCA said that Nwanze compensated Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico to endorse the Instagram account to their substantial c...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

FCA reviewing client categorisation rules to clearly distinguish retail investors from the pack

FCA reviewing client categorisation rules to clearly distinguish retail investors from the pack

Goal of 40 more initiatives to be completed by year end

Eve Maddock-Jones
clock 10 July 2025 • 2 min read
FCA payable fees to drop by close to £10m in the next year

FCA payable fees to drop by close to £10m in the next year

Criticism over increased fees

Patrick Brusnahan
clock 01 July 2025 • 1 min read
Asset Reality gains FCA approval to offer crypto custody services in the UK

Asset Reality gains FCA approval to offer crypto custody services in the UK

Company registered as VASP

Linus Uhlig
clock 01 July 2025 • 1 min read
Trustpilot