The FCA has brought charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media.
Update: 3 July 2024
On 3 July 2024 at Westminster Magistrates’ Court, Biggs Chris, Jamie Clayton and Rebecca Gormley indicated pleas of not guilty to the alleged offences.
A plea and trial preparation hearing has been fixed for 9.30am on Thursday 11 July 2024 at Southwark Crown Court, alongside the hearing previously fixed for the other six defendants in the case.
Update: 13 June 2024
On 13 June 2024 at Westminster Magistrates’ Court, Emmanuel Nwanze, Scott Timlin and Holly Thompson indicated pleas of not guilty.
Yazmin Oukhellou, Lauren Goodger and Eva Zapico did not indicate pleas.
A plea and trial preparation hearing has been fixed for 11 July at Southwark Crown Court for these six defendants.
The first hearing for Biggs Chris, Jamie Clayton and Rebecca Gormley was adjourned to Wednesday 3 July at 2pm at Westminster Magistrates’ Court.
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.
CFDs are a high-risk investment product used to bet on the price of an asset, in this case the price of foreign currencies.
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).
Notes to editors
- The defendants’ dates of birth are as follows:
a. Emmanuel Nwanze (DoB 07/01/1994)
b. Holly Thompson (also known as Holly Zucchero) (DoB 25/05/1990)
c. Biggs Chris (DoB 15/05/1992)
d. Jamie Clayton (DoB 18/11/1991)
e. Lauren Goodger (DoB 19/09/1986)
f. Rebecca Gormley (DoB 18/04/1998)
g. Yazmin Oukhellou (DoB 03/05/1994)
h. Scott Timlin (DoB 26/04/1988)
i. Eva Zapico (DoB 23/07/1998) - The combined following of the Instagram accounts of these individuals was 4.5 million.
- 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.
- Contracts For Difference (CFDs) are high-risk derivatives. The FCA has previously said that 80% of customers lose money when investing in CFDs because of the risks. They are often highly leveraged, which means they use debt to try and amplify returns, which can result in investors losing more than they invested. In the UK, the FCA has imposed restrictions[1] on how CFDs and CFD-like options can be sold and marketed to retail customers. The FCA has been carrying out work[2] to address consumer harm in the UK in this sector.
- The FCA has published finalised guidance[3] on financial promotions on social media to clarify our expectations for when firms and influencers use social media to communicate financial promotions, and to address emerging consumer harm that we’ve seen arising from use of social media.
- Find out more information about the FCA[4].