TOWIE, Love Island and Geordie Shore stars are all set to face court after being charged in relation to an Instagram “scam”.This is part of a crackdown by the watchdog on “financial influencers” who are alleged to be posting misleading content.
The FCA claims the account gives advice on buying and selling “contracts for difference” investments used to bet on foreign currencies, without authorisation from them. This often results in 80% of their customers losing money as they weren’t aware they were involved in a high-risk derivative.on how CFDs and CFD-like options can be sold and marketed to retail customers. The FCA has been carrying outMr Nwanze, Ms Thompson and all the influencers they allegedly paid have been charged with “unauthorised communications of financial promotions”.
Those accused include Lauren Goodger, who rose to fame on The Only Way is Essex, Biggs Chris who appeared on Love Island and Scotty T who was cast in Geordie Shore.