A horde of reality TV stars have been charged by the Financial Conduct Authority (FCA) for promoting an unauthorised foreign exchange trading scheme via Instagram.
Geordie Shore's Scott Timlin, multiple The Only Way is Essex stars and Love Island contestants such as Rebecca Gormley and Eva Zapico were all found to have been involved in the scheme.
The FCA charged Emmanuel Nwanze for running an unauthorised investment programme which saw advice given on buying and selling contracts for difference, which it was not permitted to do.
The 'fiinfluencers' were accused of promoting the Instagram account which issued the unauthorised advice and will stand before Westminster's Magistrate Court in June.
Laura Suter at AJ Bell said: "“Too many people blindly trust anything they see on social media, but throw in a well-known celeb or a reality TV star endorsing a product and people are even more likely to trust a post
"This isn’t a huge problem if you buy some dodgy beauty products or sign up to a duff subscription, but if you put your life savings into an investment because someone from the TV said they made impressive returns, that could be life changing.
"With a maximum penalty of up to two years in prison and an unlimited fine for breaking the rules, there’s no doubt [today's decision] will make people sit up and listen."