February 6, 2023

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Unlimited Technology

Tech Stocks Roundup: Facebook Slammed for Fake Celebrity Crypto Ads

Facebook finds itself at the center of another controversy.

Australia’s consumer watchdog agency (ACCC) has decided to sue Meta  (MVRS) – Get Meta Report, formerly Facebook, for having allegedly “aided and abetted celebrity scam ads on Facebook that have cost some Australians hundreds of thousands of dollars.”

Meta “engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures,” the regulator argued in a news release.

The ACCC alleges that this conduct was in breach of the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act).

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