FOR IMMEDIATE RELEASE
INQUIRIES: media@naag.org
WASHINGTON, D.C. — June 11, 2025 — The National Association of Attorneys General (NAAG) today announced that a bipartisan coalition of 42 attorneys general has sent a letter to Meta Platforms, Inc. (Meta), urging the company to take immediate and meaningful action to address the proliferation of fraudulent investment advertisements on Facebook and WhatsApp.
The letter, addressed to Meta’s Chief Legal Officer Jennifer Gillian Newstead, outlines widespread concerns about deceptive ads that lure users into fraudulent investment groups, often impersonating well-known financial figures. These scams have resulted in significant economic losses for consumers across the country.
“These scams can be initiated and disseminated on your platforms with alarming ease, targeting our most vulnerable population,” the attorneys general wrote. “The impact on victims is devastating, leading not only to the loss of potentially life-changing money, but also significant psychological and social consequences.”
The coalition emphasized that Meta’s current automated and human review systems are insufficient to stop the spread of these scams. “If Meta is unable to implement a more effective process, then it should just stop running investment advertisements as a category,” the letter states.
The attorneys general called on Meta to enhance its advertiser vetting processes and increase human oversight of investment-related ads.
Joining Attorneys William Tong (Connecticut), John Formella (New Hampshire), Letitia A. James (New York), and Dave Sunday (Pennsylvania) in sending this letter are the attorneys general of Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Utah, Vermont, U.S. Virgin Islands, Virginia, Washington, West Virginia, and Wyoming.
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The National Association of Attorneys General is a nonpartisan organization of the attorneys general of the 50 states, the District of Columbia, and U.S. territories. NAAG provides a forum for exchanging knowledge, experiences, and insights on legal and law enforcement issues. It fosters bipartisan collaboration among its members to address common challenges and advance the rule of law. For more information, please visit NAAG’s website.