Meta ran ads for bond scheme run by GIM Trading that allegedly defrauded millions from investors

Tech giant Meta ran advertisements used to lure Australian investors into a fraudulent bond scheme that allegedly defrauded tens of millions of dollars from them. In one sponsored Facebook post, a smiling couple was quoted as being “thrilled” to receive higher returns after investing in corporate bonds to “secure” their financial future. But the reality was far different for 80 Australians, who paid about $23 million to Australian company GIM Trading and now fear their money has been stolen, according to an ongoing investigation by the corporate watchdog, ASIC. It was a blow to Sai Skipworth who lives on Queensland’s Sunshine Coast and runs a small business. He lost $300,000. “It’s definitely set me back [and] put me under a fair bit more stress,” he said. “I’ve had to sell my apartment in order to make sure my business is liquid enough and keep my staff employed.” Mr Skipworth says he believes the money has been stolen after not being able to contact the company. (ABC News: Erin Byrnes) Meta is under intense pressure to do more to crackdown on scams and other dodgy ads that have swamped its popular platforms, Facebook and Instagram. Celebrity deepfakes have used altered footage
Read More