Would there be any link to the word phony too?
No.
phony (adj.)
"not genuine," 1900, phoney, perhaps an alteration of fawney "gilt brass ring used by swindlers" (1781), from Ir. fainne "ring." The noun meaning "phony person or thing" is attested from 1902.

(only to show how easily I'm tricked by words that seem to related)