'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...

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