Attorney General James Leads Bipartisan Coalition Urging Meta to Protect Users from …

NEW YORK – New York Attorney General Letitia James today led a bipartisan coalition of 42 attorneys general in calling on Meta Platforms, Inc. (Meta) to protect people from fraudulent investment ads appearing on Facebook. The Office of the Attorney General (OAG) has found several Facebook ads impersonating prominent figures, such as Warren Buffett, claiming to offer high returns on investments. The fraudulent ads are luring vulnerable users into pump-and-dump schemes that have led to thousands of people losing hundreds of millions of dollars. The OAG received a report of an individual who engaged with a fraudulent Facebook ad, which claimed to be connected to a well-known investment management firm, and lost over $100,000. In their letter to Meta, Attorney General James and the coalition highlight the dangers of these ads and urge Meta to improve its process for reviewing ads before they appear on its platforms. “Scammers are using Facebook ads to trick New Yorkers and others across the country into investing in fraudulent schemes,” said Attorney General James. “Thousands of Facebook users have lost hundreds of millions of dollars to these scams and Meta must do more to stop these fraudulent ads from running on its platforms. Today
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