TOWIE stars charged over social media posts
If convicted, they could be jailed for two years
Last updated 17th May 2024
Two former stars of The Only Way Is Essex have been charged with plugging unauthorised investments on social media
The Financial Conduct Authority (FCA) has charged nine 'influencers' over an unauthorised foreign exchange trading scheme
TOWIE's Lauren Goodger and Yazmin Oukhellou each face up to two years in prison if convicted.
The FCA has alleged that Emmanuel Nwanze and Holly Thompson used an Instagram account, @holly_fx trends, to provide advice on buying and selling contracts for difference (CFDs) when they were not authorised to do so.
It said CFDs were high-risk investments, with 80% of customers who invest in them losing money.
The watchdog also alleges that Nwanze paid Towie's Lauren Goodger and Yazmin Oukhellou, Love Island's Biggs Chris, Jamie Clayton, Rebecca Gormley, and Eva Zapico and Geordie Shore's Scott Timlin to promote the account to their 4.5 million Instagram followers.
Nwanze, Thompson, Chris, Clayton, Goodger, Gormley, Oukhellou, Timlin and Zapico each face one count of issuing unauthorised communications of financial promotions.
They are due to appear at Westminster Magistrates Court on June 13.