Attorney General Phil Weiser joins bipartisan AG coalition telling Meta to better protect users from investment scams

June 11, 2025 (DENVER) – Attorney General Phil Weiser and a bipartisan coalition of 42 attorneys general today told Meta Platforms, Inc. to do more to protect people using the company’s platforms from fraudulent investments.

In a letter to Jennifer Gillian Newstead, the company’s chief legal officer, the attorneys general say widespread reports of scammers using Facebook and WhatsApp to victimize people with “pump-and-dump” investment schemes show Meta isn’t doing enough to protect its users.

“It’s concerning that Meta isn’t doing enough to stop scammers from luring people into giving up their life savings with Facebook ads that feature fake celebrity endorsements or other lies,” said Attorney General Weiser. “I’m pleased that this broad, bipartisan group of attorneys general from nearly every state in the country is joining together to send a message to Meta that they have to do a better job of making sure ads on their platforms aren’t aiding in fraud. If Meta can’t police their own ads, they ought to stop allowing investment ads altogether.”

In the letter, the attorneys general share that their offices have found Facebook ads impersonating well-known individuals like Cathie Wood and Warren Buffet claiming to offer high returns on investments. The fraudulent ads trick users into “pump-and-dump” schemes that entice many people to invest in a security that artificially increases in value, only for the fraudsters to pull all their money out and leave the new investors with big losses. The scams have led to thousands of people losing hundreds of millions of dollars.

The ads often boast about stocks with incredibly high returns for investors and some even offer free “consultations” or investment advice. When users click on the ads, they are prompted to join a WhatsApp group, where they are targeted.

An example of a fraudulent investment opportunity ad that appeared on Facebook. An unauthorized notable investor is shown with promises of big returns on stocks.

Example of fraudulent investment ad on Facebook

Despite Meta’s use of automated systems and occasional human review to remove fraudulent ads, fraudsters have consistently evaded these systems by frequently changing their ads. Even without action from the scammers, Meta is failing to protect users. In one case, investigators who reported fraudulent ads to Meta were still being served the same ads months later.

The bipartisan coalition is calling on Meta to thoroughly review its advertising review practices to protect consumers from these scam advertisements. The coalition letter urges Meta to implement more robust preventative measures, such as enhanced advertiser diligence and meaningful human review of investment-related advertisements before they run. If Meta cannot effectively curb these harmful scams, the attorneys general urge Meta to cease running investment advertisements altogether.

Read the coalition’s letter to Meta (PDF).

Joining Attorney General Weiser in issuing today’s letter are the attorneys general of Alaska, American Samoa, Arizona, Arkansas, California, Connecticut, Delaware, District of Columbia, Georgia, Hawai’i, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Utah, Vermont, Virginia, Virgin Islands, Washington, West Virginia, and Wyoming.