Former Geordie Shore star Scott Timlin, 36, has pleaded not guilty to promoting unauthorised investments.
He is among nine influencers charged by the Financial Conduct Authority (FCA) over an alleged unauthorised foreign exchange trading scheme on social media.
The FCA claims Emmanuel Nwanze, 30, and Holly Thompson, 34, used an Instagram account, @holly_fx trends, to offer advice on buying and selling contracts for difference (CFDs), despite not being authorised to do so.
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The watchdog warns that CFDs are high-risk investments, with 80% of investors losing money. It’s also alleged that Nwanze paid Towie’s Lauren Goodger, 37; Yazmin Oukhellou, 30; Love Island’s Biggs Chris, 32; Jamie Clayton, 32; Rebecca Gormley, 26; Eva Zapico, 25; and Geordie Shore’s Scott Timlin to promote the account to their combined 4.5 million Instagram followers.
(Image: PA)
Each of the influencers, including Nwanze, Thompson, Chris, Clayton, Goodger, Gormley, Oukhellou, Timlin and Zapico, face one count of issuing unauthorised communications of financial promotions.
Nwanze also faces a charge of breaching a general prohibition under the Financial Services and Markets Act 2000, which bans people from carrying out regulated activities in the UK unless they are authorised.
(Image: PA)
Timlin appeared in person at Westminster Magistrates’ Court alongside Oukhellou, Nwanze and Zapico, where he pleaded not guilty to one count of unauthorised communications of financial promotions.
Ex-Love Island star Zara McDermott and nine other social media influencers will go to trial accused of promoting investment schemes on Instagram without disclosing they had been paid to do so.
(Image: PA)
The reality TV personality and the other so-called “finfluencers” are facing two years in prison if they are found guilty. A trial has been set for July 11 at Southwark Crown Court.
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Source: Celebrities - dailystar.co.uk
