[1]https://www.mondaq.com/uk/white-collar-crime-anti-corruption-fraud/1
   238238/the-scrutiny-of-celebrity-influencers39-social-media-endorsement
   s-may-help-to-reduce-financial-fraud-scams?email_access=on

   Financial fraud continues to rise year on year, the cost of living
   crisis will drive even more people to look for ways of enlarging their
   income and inevitably fall for fake investment opportunities presented
   to them. As the regulating authorities and law enforcement introduce
   measures to obstruct the methods fraudsters use to target victims, the
   fraudsters adapt their scams accordingly.

   The vehicle of social media has given the fraudulent brokers a platform
   where they can present their scams to thousands of people via Instagram
   through the practice celebrity endorsement where well-known celebrities
   or influencers promote a particular product or investment opportunity,
   often leading their followers to believe that the celebrity has a full
   understanding of the product or investment they are endorsing. Such
   endorsement may become less appealing following the fine of $1,26
   million delivered to Kim Kardashian by the [2]US Securities and
   Exchange Commission (SEC) for failing to divulge to her 225 million
   Instagram followers that she was paid $250,000 for promoting the crypto
   asset Ethereum Max.

   Ms. Kardashian made it clear that she was not providing financial
   advice but went on to say that her friends were telling her about
   Ethereum Max tokens. The SEC Chair Gary Gensler pointed out that
   "...investing public shouldn't confuse the skills
   of [3]celebrities with the very different skills needed to offer
   appropriate investment advice..."

   [4]Joanna Bailey, head of the banking and financial fraud litigation
   department, commented "the public recognise and trust the celebrities
   that endorse investment schemes and think that they have real
   involvement and understanding of the investment they are promoting."
   Joanna further pointed out "Kim Kardashian is not the only celebrity to
   have promoted investments, Katie Price unwittingly endorsed a Forex
   scam. Urging members of the public who have no understanding of Forex
   or crypto markets to consider such investments is inappropriate and
   often leads them into financial scams resulting in losses"

   [5]Our lawyers in the banking and financial fraud litigation
   department keep ahead of the scams and the methods used to defraud
   unwitting investors. Giambrone & Partners now leads the field following
   our recent groundbreaking case where the High Court of England and
   Wales granted permission to serve notice of proceedings on persons or
   persons unknown in connection with two digital wallets over blockchain
   by a non-fungible token (NFT). The case was the second case in the
   world and the first case in Europe to serve Court papers as an NFT
   through blockchain and is particularly significant with regard to
   crypto scams due to the fact that the perpetrators are often anonymous.
   This method of service avoids the need for identity.

   The challenging economic climate currently being experienced will
   almost certainly lead to more people seeking out "get rich quick"
   investment schemes. Our lawyers in the banking and financial fraud
   litigation department strongly recommend resisting the temptation and
   point out that if you are told that you must take action immediately or
   the opportunity will go, it is almost certainly a scam.

   Joanna Bailey frequently leads the litigation against financial
   institutions involved in Forex/binary trading disputes, as well as
   cryptocurrency issues and regulatory investigations and has some
   considerable success in retrieving the funds lost in fraudulent
   investment schemes.

   Joanna has developed a range of strategies both to find the assets of
   the individuals perpetrating the fraudulent schemes and restore the
   funds to our clients. As well as recognising culpability in the
   organisations facilitating (but not associated with the fraud), by
   failing to undertake adequate due diligence.

   She is highly experienced in high-value out-of-court settlement
   negotiations and has in-depth knowledge of the Civil Procedure Rules as
   well as English common law.

   The content of this article is intended to provide a general guide to
   the subject matter. Specialist advice should be sought about your
   specific circumstances.

References

   1. https://www.mondaq.com/uk/white-collar-crime-anti-corruption-fraud/1238238/the-scrutiny-of-celebrity-influencers39-social-media-endorsements-may-help-to-reduce-financial-fraud-scams?email_access=on
   2. https://www.sec.gov/
   3. https://www.cnn.com/2022/09/15/business/kanye-west-gap-termination
   4. https://www.mondaq.com/redirection.asp?article_id=1238238&company_id=24606&redirectaddress=https://www.giambronelaw.com/site/people/profile/joanna.bailey
   5. https://www.mondaq.com/redirection.asp?article_id=1238238&company_id=24606&redirectaddress=https://www.giambronelaw.com/site/servicesforindividuals/forex-litigation-lawyers/