Attorney General William Tong co-led a bipartisan coalition of 42 attorneys general in calling on Meta Platforms, Inc. (Meta) to protect people from fraudulent investment ads appearing on Facebook. The fraudulent ads are luring users into pump-and-dump schemes that have led to thousands of people losing hundreds of millions of dollars. The New York Attorney General’s office received a report of an individual who engaged with a fraudulent Facebook ad, which claimed to be connected to a well-known investment management firm and lost over $100,000. In their letter to Meta, the coalition highlights the dangers of these ads and urges Meta to improve its process for reviewing ads before they appear on its platforms. “With costs on the rise and wallets stretched, a lot of people are looking for ways to earn extra money. Do not be fooled by get-rich-quick schemes on social media. We are seeing a proliferation of phony advertisements for investment scams that have resulted in major financial losses for people. Meta can and must review and remove these scams before anyone else is harmed. I urge all Facebook users in Connecticut to be on high alert for these ads and to always do their homework before investing their hard-earned money." – AG Tong