Social media Influencers sentenced for £100k investment fraud
It happened between 2020 and 2021
Two social media influencers have been sentenced, after being involved in the running of an investment scam.
The pair promoted the opportunity to invest in their business through Instagram, attracting dozens of investors, who paid a minimum of £1,000 each. The scheme ran between May 2020 and May 2021, but investors failed to see any return on their investments, which raised around £100,000.
The pair were interviewed on several occassions, after a long-running investigation by Hertfordshire Constabulary’s Serious Fraud and Cyber Unit. The case concluded at St Albans Crown Court on Wednesday (30 September) where:
Joshua Weekes, 37, of Hyde View Road, Harpenden, pleaded guilty to theft and was sentenced to one year in prison, suspended for two years. He was also ordered to complete 250 hours of unpaid work and a further 15 days work with the Probation Service,
Anna Masi, 36, of Ickleford Road, Hitchin, agreed to an undertaking to repay approximately £26,000 to victims of the scam.
Detective Constable David Johnson, from Hertfordshire Constabulary’s Serious Fraud and Cyber Unit, said: “Weekes and Masi have a substantial social media following and, as self-styled ‘influencers’, were able to convince dozens of people to invest in business ventures they were promoting. Most of the money invested with them disappeared and none of the promised returns materialised, leaving the investors all financially out-of-pocket.
“I would like to raise awareness to the public that self styled “Influencers” are not financial advisors and that there is significant risk with investing with anyone online. Please do not always take everything online at face value and research individuals and companies, before committing any finances into an investment. Investments like this are largely unregulated and significant risk lays with the investor.
“In this investigation Joshua Weekes recruited investors using his Instagram account, taking advantage of his followers’ loyalty and used the money to fund his own lifestyle. Hertfordshire Constabulary will always seek to bring to justice people who steal from the public, in this case we would like to place on record our thanks to the victims of this scam, for reporting concerns to the police and providing the evidence, which has led to this prosecution”.
For more information and advice on fraud, including investment fraud visit: www.herts.police.uk/cyber-fraud
If you believe you may have been a victim of fraud, report it to Report Fraud on 0300 123 2040.