ASIC
It's a scam! Celebrities are not getting rich from online investment trading platforms (24-036MR)
ASIC describes fake celebrity-endorsed adverts that lead to scam trading websites and advises against acting on investment advice found on social media.
An advert showing a famous person apparently praising an online trading platform is a pattern regulators have warned about. This page summarises what the Australian Securities and Investments Commission (ASIC) and the UK Financial Conduct Authority (FCA) have published about fake celebrity endorsements. It does not assess any firm or any named person.
What ASIC Says About Fake Endorsement Adverts
In a media release dated 1 March 2024, ASIC describes how the advert leads to a website: "This fake click bait will link to a scam website where victims are prompted to enter their details." It adds that the material can look credible: "Scammers can create fake news to make it seem legitimate."
ASIC also describes what can follow. "Scammers ask for a small investment of around $250 via credit card to provide access to the trading platform." Then, in its words: "Sometimes scammers will allow victims to make a small withdrawal early in the scam to build trust." It also reports that "Some victims have reported being locked out of their account."
What the FCA Says
On its page about online trading scams, first published on 20 May 2019 and last updated on 19 January 2026, the FCA states: "They often use fake celebrity endorsements and images of luxury items to entice people to invest in their scams." The FCA also notes: "Many scam firms claim to be based in the UK and even claim to be FCA-authorised."
Its advice on checking is: "Use the FCA Firm Checker to find out if a firm is authorised and has permission for the service it's offering you." The wider steps are in how to check whether a broker is regulated.
What Both Regulators Suggest You Do
ASIC's advice is brief. "Don’t give personal information or act on investment advice you have come across on social media." And: "Don’t feel pressured to invest." If doubts remain, it says: "If you have any doubts, stop communicating with them."
For anyone who has already sent details or money, ASIC says: "If you have shared financial information or transferred money, contact your bank immediately." For reporting routes, see how to report a binary options scam. For the wider list of tactics regulators describe, see binary options scam warning signs. In the UK, retail binary options sales are prohibited; see our guide to binary options in the United Kingdom.
Frequently Asked Questions
Do regulators say celebrity endorsements in trading adverts can be fake?
Yes. The FCA states: "They often use fake celebrity endorsements and images of luxury items to entice people to invest in their scams."
What does ASIC say to do with investment advice seen on social media?
ASIC advises: "Don’t give personal information or act on investment advice you have come across on social media."
Can a scam firm claim to be authorised?
The FCA says: "Many scam firms claim to be based in the UK and even claim to be FCA-authorised." It suggests using the FCA Firm Checker to confirm.
Does this page address whether an individual could face liability?
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.
Sources and Official References
- ASIC: It's a scam! Celebrities are not getting rich from online investment trading platforms (1 March 2024)
- FCA: Online trading scams (first published 20 May 2019; last updated 19 January 2026)
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.