FCA Brings First Finfluencers to Court in Global Crackdown on Illegal Promotions of CFDs
The UK’s Financial Conduct Authority (FCA) has brought three self-styled “finfluencers” before Westminster Magistrates’ Court as part of a sweeping global crackdown on illegal financial promotions. Charles Hunter, Kayan Kalipha, and Luke Desmaris each face one charge for promoting high-risk contracts for difference (CFDs) on social media without the proper authorisation.
The charges follow the FCA’s coordinated international enforcement effort, announced in June 2025, that spanned six countries and involved nine regulators. The operation targeted misleading promotions by finfluencers, resulting in arrests, interviews, cease and desist notices, and more than 650 takedown requests across online platforms.
The Charges
Each of the defendants faces one count of communicating an invitation to engage in investment activity, contrary to Section 21(1) of the Financial Services and Markets Act 2000 (FSMA). If convicted, they face up to two years in prison and/or a fine. All three defendants pleaded not guilty and will appear at Southwark Crown Court on October 8, 2025, for a hearing.
- Charles Hunter (DOB 10/09/1996), from Exeter.
- Kayan Kalipha (DOB 30/01/1990), from London.
- Luke Desmaris (DOB 01/11/1994), from Harlow.
What Are Finfluencers?
Finfluencers are online personalities who share investment advice or promote financial products to their followers. While many operate legally, others promote risky or unlawful products, sometimes using lavish lifestyle imagery to imply financial success. Regulators say this can mislead consumers, particularly younger audiences, into investing in high-risk products without understanding the dangers.
The Risks of CFDs
Contracts for Difference are derivatives that allow traders to speculate on price movements of financial assets without owning them. CFDs are highly leveraged, amplifying both potential gains and losses. According to the FCA, 80% of UK retail investors lose money trading CFDs. As a result, the FCA has imposed restrictions on how CFDs and similar options can be marketed and sold.
A Global Crackdown
In June 2025, the FCA announced an international enforcement effort involving regulators across multiple jurisdictions. The operation has already led to arrests, cease-and-desist letters, and hundreds of takedown requests to social media platforms. The charges against Hunter, Kalipha, and Desmaris mark the first UK court case stemming from this coordinated action.
The FCA is urging anyone who believes they may have suffered losses from these promotions to contact its consumer assistline at 0800 111 6768.
Consumer Protection
The regulator advises consumers to:
- Check the FCA’s Firm Checker to confirm if a firm is authorised.
- Use the FCA’s InvestSmart resources for guidance on making better investment decisions.
- Be wary of influencers promoting complex products, especially those showcasing a lavish lifestyle as proof of success.
