A group of social media influencers have been charged in relation to promoting an unauthorised investment scheme. The Only Way Is Essex original cast member Lauren Goodger, 37, former Love Island star Biggs Chris, 32, and Celebrity Big Brother winner Scott Timlin, 36, also known as Scotty T, are among seven TV personalities alleged to have been paid to promote the scheme to their combined 4.5 million Instagram followers.
It alleges that between 19 May 2018 and 13 April 2021 Emmanuel Nwanze, 30, and Holly Thompson, 33, used an Instagram account to provide advice on buying and selling investments known as contracts for difference when they were not authorised to do so. The watchdog said CFDs are high-risk investments used to bet on the price of an asset, in this case the price of foreign currencies. It previously warned that 80% of customers lose money when investing in CDFs.