June 11, 2025 – Nevada Attorney General Aaron D. Ford has joined a bipartisan coalition of 42 attorneys general in urging Meta Platforms, Inc. to enhance its efforts to protect users from fraudulent investment ads on Facebook.

The coalition’s letter to Meta emphasizes the risks posed by these ads and calls for improved ad review processes.

“Social media companies like Meta have a responsibility to protect their users, especially in today’s environment in which fraudsters and scammers are incredibly active and adaptive,” said AG Ford. “The pump-and-dump scams common on Facebook have impacted thousands of Americans all over the country, and I strongly urge Meta to take the appropriate actions to crack down on these ads and ensure their user base is not victimized.”

Fraudsters often use ads featuring images of well-known figures like Warren Buffet, Cathie Wood, and Elon Musk to lure users.

These ads, which falsely promise high investment returns, often lead users to WhatsApp groups where they become targets of pump-and-dump schemes.

In these schemes, scammers inflate stock prices by recommending purchases, then profit by selling at the peak, leaving new stock owners with significant losses when prices fall.

Despite Meta’s automated systems and occasional human reviews, scammers continue to bypass these measures by frequently altering their ads.

The coalition is urging Meta to enhance its ad review practices, suggesting more rigorous advertiser checks and meaningful human review of investment-related ads. If Meta cannot effectively curb these scams, the attorneys general recommend halting investment ads altogether.

The letter was co-signed by attorneys general from states and territories, including Alaska, California, New York, and Washington, among others.

By Jenelle Vannoy, News 3LV
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