Three individuals charged with illegally encouraging dangerous investments via social media appeared in court today in a case against UK ‘finfluencers’.
Charles Hunter, Kayan Kalipha and Luke Desmaris appeared before Westminster Magistrates’ Court on Wednesday, each charged with offences related to their social media activity.
The Financial Conduct Authority (FCA) has been cracking down on social media influencers encouraging followers to back high-risk investments with minimal to no expertise as part of its financial promotions campaign.
Dubbed finfluencers, these are social media personalities that promote investment opportunities in areas including forex and cryptoassets, without being approved to give financial advice.
The FCA announced in June it would lead a coordinated international effort against finfluencers, who put ordinary consumers at risk of serious financial loss, often in exchange for payment.
As part of its campaign, the FCA authorised criminal proceedings against the three individuals, all of whom have pleaded not guilty.
They are set to appear at Southwark Crown Court in October for an additional hearing.
Steve Smart, joint executive director of enforcement and market oversight at the FCA said at the launch of the global campaign: “Our message to ‘finfluencers’ is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.”
The financial watchdog has previously taken action against reality TV star turned social media finfluencer Scott Timlin, who has appeared on the Geordie Shore and Celebrity Big Brother.
