A reality TV star previously reprimanded for unauthorized financial promotions is still endorsing cryptoassets.
- Scott Timlin was accused by the FCA for dangerously promoting financial products to potentially vulnerable followers.
- Despite legal actions, Timlin continues to promote crypto through social media and encrypted platforms.
- His online activities include the promotion of a ‘meme coin’ tied to a famous footballer’s celebration.
- Authorities have intensified scrutiny on social media influencers involved in financial promotions.
The ongoing saga of reality TV star Scott Timlin sheds light on the challenges of regulating financial promotions in the digital age. Accused by the Financial Conduct Authority (FCA) of unauthorised promotion of risky investments, Timlin remains undeterred in his online activities. Known for his appearances on MTV UK’s ‘The Geordie Shore’ and as a winner of ‘Celebrity Big Brother’ in 2016, Timlin faces legal proceedings due to his social media endorsements. These accusations center around his alleged promotion of contracts for difference (CFD) investments via Instagram, potentially misleading followers who are particularly vulnerable.
Despite his not guilty plea in June and ongoing legal challenges, Timlin continues to endorse various cryptocurrencies. His activities are prominently visible on his Facebook page, boasting nearly 500,000 followers, where he promotes altcoins like the $SUILAMA. This coin is humorously connected to Cristiano Ronaldo’s celebrated ‘SUI’ movement. Notably, his Telegram channel, ‘Scotty T’s Crypto Reviews,’ not only advertises these cryptoassets but also encourages followers to engage in crypto purchases.
The FCA has increasingly focused on the role of social media influencers like Timlin, recognizing their influence over young, impressionable audiences. With over 1,800 subscribers to his Telegram channel, Timlin’s reach illustrates the significant impact such figures hold. The promotion of crypto, styled with jargon reminiscent of traditional market bullishness, appears relentless, with frequent posts in October alone regarding the $SUILAMA asset.
Steve Smart, the joint executive director of enforcement and market oversight at the FCA, highlighted the risk posed by ‘finfluencers’ who might endanger their followers’ financial health with unregulated investment recommendations. ‘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,’ he stated. His caution underscores the regulatory body’s commitment to tackling social media-based financial misconduct.
The ongoing legal and regulatory challenges highlight the complexities of financial promotions in the digital era.
