Six British reality TV personalities have pleaded not guilty to promoting unauthorised trading schemes.
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Love Island stars Biggs Chris, Jamie Clayton and Rebecca Gormley, along with The Only Way is Essex personalities Lauren Goodger and Yazmin Oukhellou and Geordie Shore’s Scott "Scotty T" Timlin entered their pleas at Southwark Crown Court on 11 July 2024.
The Financial Conduct Authority alleges that two individuals, Emmanuel Nwanze and Holly Thompson, paid the stars to provide advice on buying and selling contracts for difference (CFDs) – high-risk investment products used to bet on the price of an asset, in this case foreign currencies – through an Instagram account when they were not authorised to do so.
The defendants all face one count of issuing unauthorised communications of financial promotions under section 21 of the Financial Services and Markets Act 2000, an offence that can be punishable by a fine and up to two years in jail.
The FCA also charged Eva Zapico, who was not required to attend today and is set to enter a plea in September. All seven TV personalities previously pleaded not guilty at Westminster Magistrates in two previous separate hearings in June and July before the case was referred to the Crown Court.
Nwanze and Thompson again pleaded not guilty to separate charges of unauthorised communications of financial promotions, with Nwanze also pleading not guilty to one count of running an unauthorised investment scheme.
The FCA filed the charges in May, marking its first crackdown on social media influencers who give advice on different financial instruments or products.
The regulator asked firms to amend or remove 10,000 promotions in 2023 as the issue gained greater importance at the regulator. The FCA also outlined fresh guidance in March, which calls for influencers to provide adequate risk warnings when talking to consumers on financial products.
Judge Sally-Ann Hales KC presided over the hearing and approved a request to join all defendants into one single indictment. Judge Hales confirmed the trials would be split into two, starting on 1 February and 15 March 2027.
Counsel to the Financial Conduct Authority
5 Paper Buildings
Catherine Rabaiotti KC in London
Counsel to Rebecca Gormley
Libertas Chambers
Jon Anders KC in London
Counsel to Biggs Chris
23 Essex Street
Graham Smith KC in London