"Meta Platforms Inc. violated federal and state law by knowingly allowing-and profiting-from scam impersonation ads on its social media websites, a class action filed in a California federal court says."
"Licensed financial and investment professionals John Suddeth and Sara Perkins allege in their complaint filed Wednesday in the US District Court for the Northern District of California that Meta allowed the unauthorized use of their names, images, and personas in paid advertisements disseminated on Facebook, Instragram, and WhatsApp that induced investment in fraudulent thinly traded China-based securities."
"The ads were designed to and caused "consumer confusion, diverted prospective clients, damaged ..."
Meta Platforms Inc. knowingly allowed and profited from scam impersonation advertisements on Facebook, Instagram, and WhatsApp. Licensed financial and investment professionals John Suddeth and Sara Perkins experienced unauthorized use of their names, images, and personas in paid ads that induced investment in fraudulent, thinly traded China-based securities. Those advertisements caused consumer confusion, diverted prospective clients, and damaged professional reputations and finances. The impersonation ads generated revenue for Meta through paid placements and exploited platform ad-targeting tools. The campaign affected prospective investors and the plaintiffs’ businesses, creating a basis for a class-action legal claim under federal and state law.
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