Featured Image Credit: PA/Dave Benett/Getty Images
Topics: Crime, Love Island, Celebrity, UK News, Social Media
Rhianna Benson
Topics: Crime, Love Island, Celebrity, UK News, Social Media
Ever since reality TV stars Lauren Goodger, Scott Timlin and Jamie Clayton appeared in Southwark Crown Court today to plead not guilty on financial deceit charges, followers have been desperate to know by everyone is branding the trio 'finfluencers'.
Over the last decade, we've seen a colossal surge in the amount of socialites and stars turning their attention to online 'content creation' as a full time job.
It isn't just next year's Love Island applicants or wannabe Insta models that have turned their attention towards 'social media selling' in the last few years, however.
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In fact, countless television stars - particularly those from former reality hits, like The Only Way Is Essex, Made In Chelsea and Geordie Shore - seem to have taken up the side hustle of online promotion when work seemingly dries up.
The majority of products these minor celebs advertise in exchange for a fee from the brand are harmless, and often include the likes of PrettyLittleThing clothing, Hello Fresh delivery boxes and teeth whiteners.
In some instances, however, a small portion of so-called social media stars have been accused of using their platform to dish out questionable financial advice.
Amongst those to have been accused of the crime are - as mentioned - TOWIE star Lauren Goodger, 2020 Love Island contestant Jamie Clayton and Geordie Shore's 'Scotty-T', all of whom are said to have shared an unauthorised investment scheme with their online followers.
Jamie's fellow 2020 islander Eva Zapico has also been accused of the same crime, but was unable to attend today's hearing in London.
As a result of the charges, the trio - as well as several other stars who have been accused of offering out the dodgy investment advice - have since been branded 'finfluencers', making a pun out of their formerly pride title of 'social media influencer'.
'But what exactly does this term mean?', I hear you ask.
Well, to put it bluntly, 'finfluencers' are described as a social media influencer who gives advice on financial investments.
Goodger, Timlin and Clayton amongst those who reportedly offered unsanctioned financial venture online between the years 2018 and 2021, but have pled not guilty to their alleged crimes.
The group, which also includes Love Island stars Biggs Chris and Rebecca Gormley, as well as TOWIE's Yazmin Oukhellou, faced the charges from theFinancial Conduct Authority (FCA) which alleged that the stars had promoted a controversial monetary scheme, which is run by Emmanuel Nwanze, 30.
Nwanze, 30, is said to have used the Instagram account holly-fx trends, alongside colleague Holly Thompson, 34, to advise on buying and selling contracts for difference (CFDs) when they were not authorised to.
These moves - made between 2018 and 2021 - were found to have been high risk investments, seeing 80% of those who have delved in losing money.
Nwanze reportedly paid the group to promote the questionable investment online, with each defendent now being charged with one count of issuing unauthorised communications of financial promotions.
If convicted, each will face up to two years in prison.