A reality TV star and social media influencer who was reprimanded for promoting risky investments to his followers is still actively endorsing cryptoasset products.
Scott Timlin, known for appearing on MTV UK’s The Geordie Shore and winning the 2016 season of Celebrity Big Brother, was alleged by the UK financial regulator to have dangerously promoted an Instagram account advertising contracts for difference (CFD) investments with no authorisation to potentially vulnerable followers.
Timlin was brought to court alongside several other influencers for the promotion. Timlin in June pleaded not guilty, prompting a plea and trial preparation hearing in Southwark Crown Court.
Despite the ongoing legal situation, brought on by the Financial Conduct Authority (FCA)’s crackdown on social media ‘finfluencers’, Timlin is still actively promoting various cryptocurrencies to his followers.
Advertised on his Facebook page with almost 500,000 followers, Timlin operates a Telegram – encrypted communications platform – service called Scotty T’s Crypto Reviews, in which he encourages followers to purchase altcoins – cryptoassets other than Bitcoin.
The Telegram page, which currently has over 1,800 subscribers, promoted the $SUILAMA coin as recently as 22 October.
The post said there was a “bullish updates for $SUILAMA”, said its “army” was “ready”, listed the various exchanges it is available on and called for his followers to “SEND IT HIGHER”.
In October alone, the page posted seven times about the asset, which has been described as a “meme coin” referencing footballer Cristiano Ronaldo’s signature celebration referred to as the SUI.
The description of the Telegram page does state that the channel should not be considered “financial advice”, however, it also encourages subscribers to message for inquiries related to crypto purchases.
The FCA has been warning consumers that social media influencers with limited qualifications have been advertising risky investment opportunities.
This month, the watchdog brought in 20 so-called ‘finfluencers’ for interview under caution as it looks to tackle social media-related fraud.
The FCA has warned the majority of followers of these accounts are from younger, impressionable age groups.
“Finfluencers are trusted by the people who follow them, often young and potentially vulnerable people attracted to the lifestyle they flaunt,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA.
“Finfluencers need to check the products they promote to ensure they are not breaking the law and putting their followers’ livelihoods and life savings at risk.”
If you have been affected by social media influencers promoting risky financial investments, please get in touch at oscar@uktech.news.
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