The Financial Conduct Authority (FCA) has brought charges against Emmanuel Nwanze and eight so-called ‘finluencers’ for their alleged involvement in an unauthorised investment scheme and the promotion of unlicensed financial services on Instagram.

Nwanze, aged 30, faces charges of running an unauthorised investment scheme and issuing unauthorised financial promotions.

The FCA alleges that between May 2018 and April 2021, Nwanze and Holly Thompson, 33, used the Instagram account @holly_fxtrends to provide advice on buying and selling contracts for difference (CFDs) without the necessary authorisation.

CFDs are high-risk investment products used to speculate on the price movements of underlying assets, in this case, foreign currencies. The FCA deems it unlawful to offer advice on such complex financial instruments without proper regulatory approval.

Furthermore, the FCA alleges that Nwanze paid reality TV stars Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico to promote the @holly_fxtrends account to their combined millions of Instagram followers.
Thompson, Chris, Clayton, Goodger, Gormley, Oukhellou, Timlin, and Zapico each face one count of issuing unauthorised communications of financial promotions, an offence that carries potential fines and imprisonment.

The defendants, aged between 25 and 37, include former contestants from popular reality shows such as Love Island and The Only Way is Essex, boasting a collective following of millions on the social media platform.

All nine individuals are scheduled to appear before Westminster Magistrates' Court on 13 June to answer the charges brought forth by the FCA.

The regulatory body has urged any individuals who believe they have suffered financial losses due to the alleged unauthorised scheme to come forward and contact the authority.

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