FCA bans handful of firms using unauthorised celebrity endorsements

The FCA issued an order against Hoch Capital, trading as iTrader and tradeATF, Magnum FX, trading as ET Finance and F1 Markets, trading as Investous, StrattonMarkets and Europrime. The regulator claimed these companies used social media and webpages carrying false endorsements from celebrities to lure consumers into scams involving CFDs. It is understood that UK investors lost hundreds and thousands of pounds in these investments, all endorsed by the Cyprus-based firms. FCA Executive Director of Enforcement and Market Oversight Mark Steward said: "The FCA has removed passporting ri...