Morgan Reeve set up Morgan FX Limited and described on Instagram about how his business, trading foreign currencies, was funding a luxury lifestyle.
Complaints from investors saw him reported to Action Fraud and the Financial Conduct Authority (FCA) in 2019 over supposed £500,000 losses.
Foreign exchange traders, known as Forex, bet on movements in the value of a currency and can lead to huge gains as well as huge losses.
Reeve, of Manorside, Dersingham, now aged 25, appeared at Norwich Magistrates’ Court charged with 10 counts of fraud by false representation between March 2018 and December 2021.
Erin Lee Peck, prosecuting, said it was claimed he had posed as a trader to convince people to invest and claimed their funds were performing well but instead had spent monies on his own lifestyle.
Magistrates committed the cases to Norwich Crown Court with an initial hearing on April 1 after being told that he was already facing a trial for similar offences due to take place in June.
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