A group of seven social media influencers is being sanctioned for their role in promoting an unauthorized foreign exchange trading scheme, the U.K.’s Financial Conduct Authority (FCA) reports.
The influencers, who had stints on various reality TV shows in the U.K., and had a combined 4.5 million followers on Instagram, all pleaded guilty to one count of issuing unauthorized financial promotions, the regulator said.
The violation is punishable by a fine, or up to two years in prison. In this case, they were fined and ordered to pay costs in Southwark Crown Court.
“These influencers betrayed the trust of those who followed them,” said Steve Smart, executive director of enforcement and market oversight at the FCA, in a release.
“We’ll continue to work with responsible influencers and go after those who put the financial wellbeing of their followers at risk,” he added.