Seven social media influencers have been sentenced at Southwark Crown Court for their role in the promotion of an unauthorised foreign exchange trading scheme. Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico 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.’Notes to editorsThe defendants’ dates of birth are as follows:Biggs Chris (DoB 15/05/1992).Jamie Clayton (DoB 18/11/1991).Lauren Goodger (DoB 19/09/1986).Rebecca Gormley (DoB 18/04/1998).Yazmin Oukhellou (DoB 03/05/1994).Scott Timlin (DoB 26/04/1988).Eva Zapico (DoB 23/07/1998).Reporting restrictions are in place. Contact the FCA press office if you want a copy.The combined following of the Instagram accounts of these individuals was 4.5 million.Breaching the General Prohibition is an offence under Sections 19 and 23 of the Financial Services and Markets Act 2000 punishable upon conviction by a fine and/or up to 2 years’ imprisonment.Communicating unauthorised financial promotions is an offence under Sections 21 and 25 of the Financial Services and Markets Act 2000 punishable upon conviction by a fine and/or up to 2 years’ imprisonment.Contracts For Difference (CFDs) are high-risk derivatives. The FCA has previously said that 80% of customers lose money when investing in CFDs because of the risks. They are often highly leveraged, which means they use debt to try and amplify returns, which can result in investors losing more than they invested. In the UK, the FCA has imposed restrictions on how CFDs and CFD-like options can be sold and marketed to retail customers. The FCA has been carrying out work to address consumer harm in the UK in this sector.The FCA has published finalised guidance on financial promotions on social media to clarify our expectations for when firms and influencers use social media to communicate financial promotions, and to address emerging consumer harm that we’ve seen arising from use of social media.Find out more information about the FCA.
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