META urged to crack down on ‘widespread investment scams’ in North Carolina, other states

CHARLOTTE, N.C. (WBTV) – North Carolina Attorney General Jeff Jackson and a group of bipartisan attorneys general are urging Meta to crack down on deceptive Facebook ads.

According to Jackson, the fake ads are tricking people into losing millions of dollars.

In a letter to META, the scheme is described as ads using images of well-known financial figures like Warren Buffet, Cathie Wood, and Elon Musk to make you think they’re legitimate.

They’ll advertise stocks with outrageous returns, free consultations, or investment advice.

Once you click on it, you’ll be asked to join a WhatsApp group, where the scammers urge you to buy stocks to rapidly inflate the share prices.

After ‘pumping up’ the price of the stock, the scammers will ‘dump’ their shares, causing the prices to fall and leaving victims unable to get their money back.

The attorneys general are calling on Meta to strengthen its ad review practices or remove all investment ads.

Until that happens, here’s what the North Carolina Attorney General’s office recommends you do:

• Navigate your own way to secure websites – rather than clicking on ads
• Look for the HTTPS and or a lock icon in the browser bar
• Remain anonymous in chat rooms so others cannot identify or email you directly

If you have a complaint you want investigated, click here to report it.

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