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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
