A notable reality TV star faces legal scrutiny for promoting unauthorised financial investments but continues to endorse cryptoassets.
- Scott Timlin, known for his reality TV appearances, has been reprimanded for illegal promotions but remains active in endorsing cryptocurrencies.
- His endorsements have not ceased despite allegations of promoting contracts for difference investments without authorisation.
- Timlin is actively promoting altcoin purchases via his social media channels, raising concerns given his ongoing legal challenges.
- Regulatory bodies are focusing on social media influencers advertising risky financial opportunities to potentially vulnerable followers.
Scott Timlin, widely recognised for his participation in popular reality TV shows such as MTV UK’s The Geordie Shore and Celebrity Big Brother, has recently come under legal scrutiny. This follows allegations that he engaged in unauthorised financial promotions. The UK’s Financial Conduct Authority (FCA) has accused him of promoting an Instagram account that advertised contracts for difference (CFD) investments to a potentially vulnerable audience without proper authorisation.
Despite the legal challenges he faces, including a court plea and trial preparation at Southwark Crown Court, Timlin persists in endorsing various cryptocurrency products. His endorsements are prominently featured on his Facebook page, which boasts nearly half a million followers. Particularly notable is his activity on a Telegram channel named Scotty T’s Crypto Reviews, where he promotes the purchase of altcoins—these are alternative cryptocurrencies to Bitcoin.
As recently as 22 October, Timlin’s Telegram channel highlighted the $SUILAMA coin, referring to it enthusiastically with statements about “bullish updates” and urging his followers to “SEND IT HIGHER”. This coin is characterised as a “meme coin”, drawing inspiration from footballer Cristiano Ronaldo’s famed celebration.
The controversial promotion comes in the wake of a broader crackdown by the FCA on social media influencers, or ‘finfluencers’, who market risky investment schemes without sufficient qualifications. The regulatory body has stressed the vulnerability of younger audiences, who are often the followers of these influencers.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, has emphasised the need for these influencers to critically evaluate the legality of the financial products they promote to safeguard their followers’ financial security. He warned that influencers, trusted by many young individuals, could inadvertently cause financial harm by promoting unlawful investments.
The ongoing situation reflects the significant regulatory challenges in managing influencer-driven financial promotions in the digital age.
