The Financial Conduct Authority (FCA) has brought charges against nine individuals in connection with an unauthorised foreign exchange trading scheme that was promoted extensively on social media.

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Emmanuel Nwanze stands accused of operating an unauthorised investment scheme and issuing unauthorised financial promotions. The FCA alleges that between 19 May 2018 and 13 April 2021, Nwanze, along with Holly Thompson, used the Instagram account @holly_fxtrends to offer advice on buying and selling contracts for difference (CFDs) without the necessary authorisation.

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CFDs are high-risk investment products that allow traders to speculate on the price movements of assets, such as foreign currencies, without actually owning the underlying assets.

The FCA further alleges that Nwanze enlisted Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico to promote the @holly_fxtrends account to their large Instagram followings. Each of these individuals faces one count of issuing unauthorised communications of financial promotions.

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The defendants are scheduled to appear before Westminster Magistrates' Court on 13 June 2024 to face these charges.

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