In all our articles, we try to keep an eye on online trading. Today, reality TV contestants’ advertising of trading is at the heart of this discussion. French rapper Booba exposes possible influencer scams. As lawyers who are experts in financial scams, it is important for us to better understand these allegations.
I / “Influencers” at the heart of these scams?
Online trading is often promoted by influencers / reality TV contestants via social networks. As we said in a previous article, reality TV contestants promote several websites including dropshipping websites, but also trading platforms or copy-trading.
Copy trading is defined as copying trading actions through a so-called account manager. This is usually done on the Telegram application.
Reality TV stars promote these platforms for money. Indeed, since it is an advertisement, they are paid in exchange for advertising. They can be paid per story or per publication, and can also take commissions depending on the number of registrations. We also assume that these influencers take a commission when one of their subscribers registers on the platform.
As you know, Mr. Konstantin Mikov gave his opinion on this subject in the newspaper Le Parisien. We invite you to read the article.
Many people are accused of fraud by their subscribers. Among them are Laurent “Billionaire” Correia and his wife Jazz Correia, a reality TV personality. Both have had their Snapchat accounts blocked following the advertising of online trading on the social network. Also, businesswoman and reality TV star Nabilla was fined €20,000 for deceptive marketing practices.
II / Booba: a real whistleblower or a buzz kill?
The latest people involved in these so-called scams are Marc Blata and also Magali Berdah (founder of Shauna Events and manager of some influencers). The famous French rapper Booba (real name Elijah Yaffa) wants to become a whistleblower of possible scams that he claims to exist. To this moment, he has created a mailbox called “influvoleurs2022” in order to collect testimonies from people who became victims of this system. According to his interview for Libération, he seems to have collected “hundreds of cases, young people, mothers”
According to Marc Blata’s advertisement on Trading 2.0, he invites his subscribers to follow trading actions (and thus make copy-trading) on a message loop. However, in order to participate, they must be prepared to pay €500. Booba seems to have collected several testimonies, including a delivery driver who lost €2,000 with the influencer’s business: “I found myself eating pasta and rice every day“. According to the rapper, people who invest lose all the money they pay in.
To conclude, the war between the rapper and the influencers seems to be just the beginning as each party has filed a complaint. Booba has filed a complaint for “misleading commercial practices” and “organised fraud” against Shauna Events and against X. As for Magali Berdah, she has filed a complaint for defamation and activism on social networks against the French rapper. We advise you to remain vigilant against potential scams.