Social media influencers from Love Island and TOWIE including Lauren Goodger have appeared in court to face allegations they plugged unauthorised investments online.
The celebrity names are accused of pushing Instagram posts to their followers which promoted an unauthorised foreign exchange trading scheme.
Goodger appeared via videolink for the hearing at Westminster magistrates court, with co-defendants Eva Zapico from Love Island, TOWIE’s Yazmin Oukhellou, and Geordie Shore’s Scott Timlin - known as Scotty T appearing in person in the dock.
The Financial Conduct Authority, told the court the case is “novel” and “the first prosecution of such offending”.
It is alleged that Emmanuel Nwanze operated 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 per cent of customers who invest in them losing money.
Model Holly Thompson - also known as Holly Zucchero - is accused of allowing Nwanze to use her images on the Instagram account.
It is said the reality stars were paid to promote the @holly_fxtrends account to their 4.5 million Instagram followers, with clients allegedly being offered daily trading tips.Nwanze was also in the dock, while Thompson appeared on the videolink.
Co-defendants Jamie Clayton, Biggs Chris, and Rebecca Gormley, all former Love Island stars, were not present in court. Their hearings had been administratively adjourned until July 3.
The reality TV stars were dubbed ‘Finfluencers’ after the charges were announced.
Nwanze, 30, from Colindale, northwest London, is accused of “carrying on a regulated activity when not an authorised person” between May 2018 and April 2021.
Nwanze pleaded not guilty to the two charges against him, while Thompson and Timlin also entered not guilty pleas.
Goodger, 37, from Upminster, is accused of offending between March 2020 and January 2021. She did not give an indication of plea.
Oukhellou, 30, from Hoddesden, Hertfordshire; Biggs, 32, a rapper and reality star who lives in Cleland, Motherwell; and Clayton, 32, from Eccles, Greater Manchester; Gormley, 26, a former Miss Newcastle winner who is from Wallsend, Newcastle; Zapico, 25, a YouTuber from Bromley; and Timlin, 36, who lives in Waterloo Square in Newcastle are all accused of offences on specific dates in 2020.
The reality stars, together with Thompson, 33, from Fenham in Newcastle, are all charged with one count each of communicating an invitation to engage in an investment activity, in contravention of section 21(1) of the Financial Services and Markets Act 2000.
Nwanze faces the same charge, and an additional count of carrying on a regulated activity when not an authorised or exempt person.
Oukhellou and Zapico also did not give an indication of plea.
The six defendants who appeared in court were set free on unconditional bail until a hearing at Southwark crown court on July 11.
