For Running Illegal Crypto Ads, an Australian Billionaire Files a Criminal Case Against Facebook (Meta)

<p>The first global criminal case against Mark Zuckerberg's social networking platform was filed by one of Australia's wealthiest men.</p> <p>Andrew Forrest, chairman of the Fortescue Metals Group, has filed a criminal complaint in Australia against Facebook for failing to ban fraud adverts using his image. This is the first time that Facebook has been charged criminally anywhere in the world, according to the Australian mining mogul.</p> <p>In his complaint, Forrest stated, "I'm doing this on behalf of innocent Australians who lack the wherewithal to take on corporations like Facebook."</p> <p>The Australian Competition and Consumer Commission (ACCC) has apparently launched an investigation into Forrest's criminal claim.</p> <p>"While Dr. Forrest's proceedings involve comparable advertisements to those under scrutiny by the ACCC, the ACCC's investigation is distinct and involves different legal issues. The ACCC Chair, Rod Sims, told The Australian that Dr. Forrest's case was brought under the Commonwealth Criminal Code.</p> <p>The Case of Forrest</p> <p>Forrest claims that false crypto investment adverts on Facebook utilised his image to pretend that the mining billionaire approved specific investment schemes, leading to many people being duped. According to Forrest's attorneys, Facebook "knowingly profits from this loop of illicit ads," which is illegal under anti-money laundering legislation.</p> <p>They also mentioned that Forrest had spent thousands of dollars to distance himself from the fraudulent accusations since the commercials began running in 2019.</p> <p>Forrest wrote an open letter to Mark Zuckerberg in November 2019 requesting that he cease using his likeness in false Facebook adverts endorsing cryptocurrency investment schemes. However, the social media platform's marketing policy remained unchanged, and advertising incorporating celebrity endorsements continued to show as sponsored posts. Investors should be wary of false crypto marketing and sites with celebrity endorsements, according t