Australian billionaire Andrew Twiggy is suing Facebook. The reason is cryptocurrency fraudulent advertising; Who, he said, used Andrew’s name to deceive the victims. The chairman of Fortescue Metals alleges Facebook of banned Australian money laundering laws. It also argues that it is deliberately taking advantage of this cycle of illegal advertising. The first hearing in the Western Australian Magistrates’ Court should come on March 28. A court hearing is expected in late 2022.
Forrest will file charges under Section 10 of the Commonwealth Criminal Code. According to records, one Australian victim lost AUD 952,000 due to fraud. Court documents say the scam cost the victim millions of dollars. Forrest’s attorneys stated that although they did not know the exact number or identities of those individuals; Who were deceived by this fraud; It is likely that the scale of the damage is significant. In addition, the victim has paid hundreds of thousands of dollars to distance himself from fraud since March 2019; When it first started popularizing on Facebook.
The complaint alleges that Facebook’s access to consumer data was a leading contributor to the spread of illegal advertising, fake news, and other unwanted internet material. Forrest added that removing fraudulent advertising by the company was an unwise criminal decision. Facebook’s parent company, Meta, said the firm takes multifaceted measures to stop these ads. Starting with detecting ads, blocking fraudulent advertisers, and in some cases, by court action.
Facebook Upcoming Challenges
However, Forrest believes the social media giant needs to do more to prevent the spread of fraud on its platform. Because the scammers are principally overseas, Forrest says they are challenging to control. According to the victim, at this point, the best way to protect Australians is to restrain Facebook through criminal prosecution; To prevent himself from being an instrument of crime. Facebook has failed to protect Australians from fraudsters. It is worth noting that if Australian courts find the company guilty, Facebook could face hefty fines and change how advertising works.
The businessman also filed a separate lawsuit in the California Supreme Court in September last year, seeking a lawsuit. The case is still pending; However, at this stage, the date of the civil issue is not public yet. In 2019, Forrest was among several Australian celebrities who received false accusations to giving evidence of fraudulent cryptocurrency. In 2020, the Australian Securities and Investment Commission issued a warning about cryptocurrencies endorsed by fake celebrities. The image was stolen from other stars, including Bill Gates, Elon Musk, and Richard Branson, in the face of crypto fraud.
Forrest sent an open letter to the CEO of Meta Platforms in 2019; Where the removal of the platform required fraudulent advertising. In August 2021, investment fraud reportedly cost Australian investors more than $50.5 million.
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