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Seven reality stars and influencers from shows including Love Island and Towie have pleaded guilty to the illegal promotion on Instagram of foreign exchange trading.
Lauren Goodger, 39, Yazmin Oukhellou, 31, Rebecca Gormley, 27, Biggs Chris, 33, Jamie Clayton, 34, Scott Timlin, and Eva Zapico, 27, have all admitted breaking the law when acting as so-called “finfluencers”.
They urged their “significant” number of Instagram followers to sign up to an account offering FX trading tips, Southwark Crown Court heard, despite having no qualifications or authorisation from the Financial Conduct Authority (FCA).
The FCA launched the landmark criminal prosecution against the reality stars in summer 2024, accusing them of making social media posts plugging FX trading signals while unregulated.
Love Island star Zapico pleaded guilty in October 2024, and another two Love Islanders, Gormley and Chris, admitted the charges against them last year.
In January this year, Towie (The Only Way Is Essex) star Goodger appeared in court to also plead guilty and face sentencing.
On Friday, Sally-Ann Hales KC lifted reporting restrictions on the guilty pleas and sentences passed, as Geordie Shore star Timlin – known as Scotty T – Love Island’s Clayton, and another Towie alumni Oukhellou entered their own guilty pleas to the charge of communicating an invitation or inducement to engage in investment opportunities.
She took the step after an application by the Press Association, noting that social media is “awash” with posts promoting FX signals and trades with little indication of how they are controlled or regulated.
“There is a public interest in reporting of this matter,” she ruled.
When Goodger was sentenced in January, she broke down in tears as the court heard how she had made a series of posts in 2020 and 2021 to promote an FX trading tips account she knew little about.
Southwark Crown Court heard she was paid £2,275 for four posts. She had more than 750,000 followers on Instagram at the time, and one of the videos she created and posted had around 35,000 views.
“This defendant had achieved media and public interest due to her presence on a reality TV show,” said prosecutor Catherine Rabaiotti.
Her posts advertised “amazing deals”, “free signals”, and “consistent profits”, and suggested there was “no experience needed”, the court heard.
“The defendant was not authorised by the FCA to conduct any regulated activity,” said Ms Rabaiotti.
“One member of the public saw a story video from this defendant.
“It appeared on her Instagram account. She had not heard of Forex trading.”
She said Goodger’s posts on social media “persuaded her” to join the scheme, believing it was legitimate.
But the prosecutor said the victim knew “knowing anything about Forex trading”, and lost £150 of her £250 investment.
“Her attempts at trading did not go well”, she said.
“She was completely naive.”
In interview, Goodger admitted making the social media posts but insisted “she wouldn’t promote something she didn’t believe was legitimate”.
Passing sentence on Goodger, the judge accepted that in 2020 and 2021 the reality star “didn’t appreciate you were doing anything wrong”.
But she highlighted that Goodger had chosen not to consult with her agent and manager before agreeing to the posts, and noted she is “not new to fame”.
The judge ordered Goodger to pay a £3,750 fine, as well as costs of £5,778.18, telling her the sentence was intended to deter others from breaking strict regulations on financial trading.
“You have been in the public eye for some time when you committed this offence,” she added.
“You must have appreciated the influence lending your name and endorsement would have on members of the public.
“Your motive in doing what you did was wholly financial.”
Zapico received an absolute discharge was ordered to pay £1770 in costs, Gormley received a conditional discharge with costs of £2866, and Chris was fined £600.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.independent.co.uk ’
