REALITY TV stars have been blasted for using Instagram to promote dodgy get-rich-quick schemes to fans in lockdown.
Celebrities have urged their millions of followers to invest with unauthorised “forex traders” who bet on fluctuations in foreign currencies.
Yet almost 70 per cent of investors lose their cash.
One trader promoted is Jordan Heyward, 24, who claims to have 4,000 clients.
He markets a £297 course and offers trading tips.
Geordie Shore’s Scott Timlin, 32, said of him: “During this pandemic, my mate Jordan is helping thousands of people make a second income from their mobile.”
Love Island’s Thomas Powell, 28, and Ross Worswick, 31, who was on Ex On The Beach, also posted endorsements of Heyward.
But campaigners criticised unauthorised traders and the stars who back them.
Consumer expert Martyn James, of complaints site Resolver, said: “Using a platform like Instagram, which is better known for selfies, to flog a product with a high level of risk is totally inappropriate.” Action Fraud said it targets “vulnerable” often younger investors.
The police-run service had 164 complaints in June from people who lost £358,809.
After learning of the celeb endorsements, the Financial Conduct Authority issued a warning saying it believed Heyward was operating without its authorisation.
Heyward initially claimed he was regulated by the FCA before saying later he did not need to be “because I don’t actually give financial advice”.
The reality stars were contacted for comment.
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