Michigan Attorney General Dana Nessel and a coalition of 42 attorneys general are urging Meta to address widespread investment scams on





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*FOR IMMEDIATE RELEASE:*
June 12, 2025




*Media Contact:*
Danny Wimmer <[email protected]>






AG Nessel Urges Meta to Address Investment Scams on Facebook, WhatsApp

*LANSING* – Michigan Attorney General Dana Nessel and a coalition of 42 attorneys general are urging Meta to address widespread investment scams on their Facebook and WhatsApp platforms. In a letter sent to Meta leadership (PDF) [ [link removed] ], the coalition expressed concern over the surge in deceptive ads on Facebook where scammers impersonate prominent investors to lure users into fake investment groups facilitated through WhatsApp. These bad actors then exploit users through “pump and dump” schemes, promoting penny stocks to inflate their prices before abruptly selling off and leaving investors with massive losses. 

The letter highlights widespread reports of constituents who have suffered life-altering financial losses due to these schemes. Attorney General Nessel and the coalition are calling on Meta to adopt stricter protections to prevent such scams, including: 


* Conducting additional diligence on advertisers promoting investment opportunities;
* Implementing human reviews of investment ads before they are published, rather than relying solely on automated systems; or
* Halting all investment-related advertisements until sufficient safeguards are in place. 

“These scams spreading across Facebook and WhatsApp have already and will continue to drain retirement savings, college funds, and the financial safety nets of users,” Nessel said. “Meta must do more to protect its users from these deceptive advertisements, especially when the company profits from the very ads that fuel this fraud.”  

Before investing, Attorney General Nessel reminds consumers to [ [link removed] ]: 


* Research before you invest. Search online using the company name or cryptocurrency name, add “review,” “scam,” or “complaint” to your search.
* Never wire or provide any credit card or bank account information until you check out the investment.
* Be wary of investment pitches on social media platforms or from cold callers.
* Not trust offers of investment tips or secrets in online messages boards. The sites linked to them can be bogus websites pushing what appears to be opportunities to invest.
* Watch for heavy sales pitches to “invest now.” “Pump and dump” schemes make an investment look like its value is rising, and then it crashes after you invest.
* Be careful when you see a celebrity endorsement. Scammers will use popular names and faces for curb appeal.
* Not trust people who say they know a better way. 

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

To report a scam, file a consumer complaint [ [link removed] ] or get additional information, contact the Michigan Department of Attorney General: 

Consumer Protection Team [ [link removed] ]
P.O. Box 30213
Lansing, MI 48909
517-335-7599
Fax: 517-241-3771
Toll-free: 877-765-8388
Online complaint form [ [link removed] ] 

 

 

 

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