'Finfluencers' face FCA legal action over trading scheme

FCA targets social media scam, nine people face legal action

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has taken legal action against nine people involved in an unauthorised foreign exchange trading scheme propagated on social media platforms.

Emmanuel Nwanze has been accused of orchestrating an unapproved investment scheme and disseminating unauthorised financial promotions. Allegations suggest that between May 19, 2018, and April 13, 2021, Nwanze, along with Holly Thompson, operated an Instagram account (@holly_fxtrends), offering advice on buying and selling contracts for difference (CFDs) without authorisation. Furthermore, the FCA said that Nwanze compensated Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico to endorse the @holly_fxtrends Instagram account to th...

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