Three 'finfluencers' are to face trial in a London court, accused of illegally encouraging social media followers to invest in high-risk foreign exchange trading.
The prosecutions come after financial regulators across the globe, including the UAE, took part in a week of action targeting unlawful financial promotions.
Finfluencers are social media personalities who use their platforms to promote financial products and share insights and advice with their followers.
Many act legitimately without breaking any laws but others tout products or services illegally and without authorisation through online videos and posts. They often target younger social media users through the pretext of a lavish lifestyle, often fabricated, to promote success.
As part of the global crackdown, the UK’s Financial Conduct Authority (FCA) began criminal proceedings against Charles Hunter, 29, Kayan Kalipha, 35, and Luke Desmaris, 30. There is no suggestion in Wednesday's hearing that the three men were involved in transactions in the UAE.
All three are alleged to have encouraged social media followers to invest in foreign exchange trading through high-risk products known as Contracts For Difference (CFDs), without having the authorisation to promote these investments.
They all appeared at Southwark Crown Court in London, charged with one count of communicating an invitation to engage in investment activity, contrary to section 21(1) of the Financial Services and Markets Act 2000. If found guilty, they face up to two years in prison, as well as a fine.
All three will now face separate trials in 2027, but lawyers for Mr Hunter and Mr Kalipha, and Mr Desmaris, who is representing himself, have indicated they will seek to have the charges dismissed.
When they appeared at Westminster Magistrates last month, they all indicated they would plead not guilty. As well as the UAE and the UK, regulators from Australia, Canada, Hong Kong, and Italy took part in the week of action, which began on June 2.
About the same time, the UAE introduced a new licensing regime for 'finfluencers', the first in the Middle East. This requires anyone providing financial content to obtain a licence from the Securities and Commodities Authority.
The FCA in the UK has sought more than 650 takedown requests on social media platforms and more than 50 websites operated by unauthorised people.
The Contracts For Difference products allow traders to profit from price movements without owning the underlying asset. The FCA has previously said that 80 per cent of customers lose money when investing in them because of the risks. They often depend on debt to amplify returns, which can result in investors losing more than they invested.
In the UK, the FCA has imposed restrictions on how CFDs and CFD-like options can be sold and marketed to retail customers.
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CHATGPT%20ENTERPRISE%20FEATURES
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SPECS
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About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The years Ramadan fell in May
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RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
CREW
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
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UAE currency: the story behind the money in your pockets
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
Company%20profile
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