Influencers plead not guilty in Instagram trading trial

A group of reality TV stars who have become social media influencers appeared in London's Southwark Crown Court, pleading not guilty to charges related to online investment schemes. The stars, including Lauren Goodger from The Only Way is Essex, Biggs Chris from Love Island, and Scott Timlin from Geordie Shore, have been charged with promoting an unauthorized investment scheme to their followers on Instagram. If convicted, they could face up to two years in prison. The trial is set for 2027. The Financial Conduct Authority (FCA) brought charges against the stars, alleging they were paid to promote a high-risk trading scheme on social media between 2018 and 2021. Emmanuel Nwanze and Holly Thompson, who are alleged to have run the scheme, also appeared in court. The FCA claims that Mr. Nwanze and Ms. Thompson operated an Instagram account that provided advice on buying and selling contracts for difference (CFDs) investments without the required authorization. These investments were high-risk and involved betting on the price of foreign currencies. The regulator stated that 80% of customers who bought into the scheme, promoted using the account @holly_fxtrends, lost money. Collectively, those on trial have 4. 5 million followers on Instagram. Other stars charged include Jamie Clayton, Rebecca Gormley, and Eva Zapico from Love Island, and Yazmin Oukhellou from The Only Way is Essex. Eight of the nine defendants pleaded not guilty to the charges. Eva Zapico, who did not attend the hearing, has a further plea hearing set for September. Mr. Nwanze also faces one count of breaching a general prohibition under the Financial Services and Markets Act 2000, which prohibits people from carrying out regulated activities in the UK unless they are authorized to do so. Lauren Goodger is among the stars involved in this case.