Trials have been scheduled after the FCA charged 9 individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media.
On 11 July 2024 at a plea and trial preparation hearing at Southwark Crown Court, Holly Thompson, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou and Scott Timlin each pleaded not guilty to 1 count of issuing unauthorised communications of financial promotions.
Emmanuel Nwanze pleaded not guilty to providing advice on buying and selling contracts for difference (CFDs) while unauthorised to do so and 1 count of unauthorised communications of financial promotions.
Eva Zapico did not enter a plea at this time. A further plea hearing for her case was fixed for 26 September 2024.
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.
Anyone who believes they have suffered loss in relation to this matter should call our consumer contact centre on 0800 111 6768 (freephone).
Notes to editors
- In May, the FCA announced charges against 9 individuals[1] in relation to an unauthorised foreign exchange trading scheme promoted on social media.
- The defendants’ dates of birth (DoB) are as follows:
a. Emmanuel Nwanze (DoB 07/01/1994)
b. Holly Thompson (also known as Holly Zucchero) (DoB 25/05/1990)
c. Biggs Chris (DoB 15/05/1992)
d. Jamie Clayton (DoB 18/11/1991)
e. Lauren Goodger (DoB 19/09/1986)
f. Rebecca Gormley (DoB 18/04/1998)
g. Yazmin Oukhellou (DoB 03/05/1994)
h. Scott Timlin (DoB 26/04/1988)
i. Eva Zapico (DoB 23/07/1998)
- Mr Nwanze faces 1 count of breaching the General Prohibition under Section 19 of the Financial Services and Markets Act 2000, and 1 count of unauthorised communications of financial promotions under Section 21 of the Financial Services and Markets Act.
- Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face 1 count of unauthorised communications of financial promotions under Section 21 of the Financial Services and Markets Act 2000.
- 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[2] 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[3] in this sector.
- The FCA has published finalised guidance on financial promotions on social media[4] 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 about the FCA[5].