Up to nine UK celebrities and influencers are set to face trial after pleading not guilty to promoting unauthorised foreign exchange schemes on social media.
Biggs Chris, Jamie Clayton, Lauren Goodyear, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Holly Thompson all pleaded not guilty to one count of issuing unauthorised communication of financial promotions at Southwark Crown Court yesterday.
Emmanuel Nwanze pleaded not guilty to providing advice on buying and selling unauthorised contracts for difference and one count of unauthorised communications of financial promotions.
Furthermore, Eva Zapico did not enter a plea at this time. A further plea hearing for her case was fixed for 26 September 2024.
The Financial Conduct Authority (FCA) now confirms that all pleading not-guilty parties will expect to be placed on trial and if found guilty, could potentially face up to two years in prison.
Due to court availability, trial dates were fixed for 1 February 2027 and 15 March 2027 at Southwark Crown Court. These dates were the earliest the Court could accommodate this case.
Last May, the FCA charged the nine aforementioned individuals for promoting unauthorised foreign exchange trading schemes on social media.
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 two years’ imprisonment.
In Nwanze’s case, contracts for difference are high-risk derivatives. The FCA has previously said that 80% of customers lose money when investing in contracts for differences because of the risks.
Nwanze faces one count of breaching the General Prohibition under Section 19 of the Financial Services and Markets Act 2000, and one count of unauthorised communications of financial promotions under Section 21 of the Financial Services and Markets Act.
Thompson, Chris, Clayton, Goodger, Gormley, Oukhellou, Timlin and Zapico each face one count of unauthorised communications of financial promotions under Section 21 of the Financial Services and Markets Act 2000.