Gardaí are investigating the offering of illegal financial advice by social media influencers, with mobile phones and documentation seized in Dublin today.
The seizure followed searches of two premises by detectives from the Garda National Economic Crime Bureau and Tallaght Garda Station, as part of an investigation into suspected breaches of regulations under the Markets in Financial Instruments Directive.
Gardaí say influencers are using social media platforms such as Facebook and Instagram to tell people to invest in Forex trading, promising easy and high returns on small investments of usually no less than €400.
The promoters and influencers will promote their success in Forex trading by showing images of themselves on social media living the high life; with expensive cars, high-end shopping and holidays.
However, the entity is not authorised by the Central Bank and those involved tend to have a limited understanding of the trading market.
No arrests have been made at this stage of the investigation.
People are being warned to follow official advice, and to ensure firms are legitimate by checking the Central Bank register.
Gardaí say warning signs of a scam include claims of quick and easy money via social media, no listing of a physical address, and communication through solely online methods.
