FCA charges against finfluencers "for promoting unauthorized FX trading scheme
The FCA has brought charges against nine individuals in relation to an unauthorized Forex trading scheme promoted on social media.
The UK Financial Conduct Authority (FCA) has brought charges against nine individuals in connection with an unauthorized foreign exchange trading scheme promoted on social media.
Emmanuel Nwanze is accused of operating an unauthorized investment scheme and disseminating unauthorized financial promotions.
Between May 19, 2018, and April 13, 2021, Nwanze and Holly Thompson provided advice on trading Contracts for Difference (CFDs) through an Instagram account (@holly_fxtrends) without authorization.
Nwanze paid fees to 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 followers.
Thompson, Chris, Clayton, Goodger, Gormley, Oukhellou, Timlin, and Zapico each face a charge of unauthorized financial promotion communication.
The defendants are due to appear at Westminster Magistrates' Court on June 13, 2024.
Nwanze faces a charge of contravening the general prohibition under section 19 of the Financial Services and Markets Act 2000, and a charge of unauthorized financial promotion communication under section 21 of the same Act.
Thompson, Chris, Clayton, Goodger, Gormley, Oukhellou, Timlin, and Zapico each face a charge of unauthorized financial promotion communication under section 21 of the Financial Services and Markets Act 2000.
Contravening the general prohibition is an offense under sections 19 and 23 of the Financial Services and Markets Act 2000, punishable by fines and/or up to 2 years imprisonment upon conviction.
Unauthorized financial promotion communication is an offense under sections 21 and 25 of the Financial Services and Markets Act 2000, punishable by fines and/or up to 2 years imprisonment upon conviction.
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