Seven social media ‘finfluencers’ have been sentenced today at Southwark Crown Court for their role in promoting an unauthorised foreign exchange trading scheme.
The seven include stars from TV shows Love Island and Towie, including high profile celebrity Lauren Goodger.
The seven used Instagram to promote a foreign exchange trading scheme to followers. The combined following of the Instagram accounts for the individuals was 4.5 million.
The case was brought the FCA and is one of the first cases where social media influencers have been fined for involvement in promoting an unauthorised financial product.
The trading scheme included high risk CFDs, contracts for difference.
The seven involved, all aged between 31 and 39, were: Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico. They all pleaded guilty to one count of issuing unauthorised financial promotions.
The outcomes were:
- Lauren Goodger was fined £3,750 and ordered to pay costs of £5,778.18.
- Biggs Chris was fined £600 and ordered to pay costs of £1,000.
- Jamie Clayton was fined £820 and ordered to pay costs of £1,000.
- Rebecca Gormley was given a conditional discharge and ordered to pay costs of £2,866.42.
- Yazmin Oukhellou was fined £974 and ordered to pay costs of £1,000.
- Scott Timlin was fined £938 and ordered to pay costs of £1,000.
- Eva Zapico was given an absolute discharge and ordered to pay costs of £1,770.44.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “These influencers betrayed the trust of those who followed them.
“We’ll continue to work with responsible influencers and go after those who put the financial wellbeing of their followers at risk.”