Financial expert taking Facebook to UK court over fake ads

Doris Richards
April 26, 2018

Did Facebook drop the ball again? The world's leading social media platform is under fire from many angles.

Prior to banning cryptocurrency advertisements, it seems Facebook approved multiple ICO advertising campaigns.

Lewis has launched legal action against the company claiming that within the previous year the social platform has published more than 50 cryptocurrency ads with illicit use of his face and name to promote financial products.

Lewis says he is suing to put Facebook "on notice", claiming that although the lawsuit was mainly a "publicity stunt", he hoped it would spread awareness of social media advertising scams.

Lewis stated in the Money Saving Expert blog that he plans to bring the defamation case against Facebook to court as the fake ads have both tarnished his reputation and caused many unwitting victims to lose large sums of money.

According to him, the ads endorse easy-money schemes titled "Bitcoin code" or "Cloud trader", which originally are "Fronts for binary trading firms based outside the EU" and "Financially unsafe". These get rich quick schemes are nearly always invariably scams and are strongly condemned by the Financial Conduct Authority in the UK.

"These adverts are nothing to do with me". I've told Facebook that.

"Facebook is able to develop and roll out technology such as facial recognition to increase revenue", he added. "This isn't a post in a forum, they are being paid and these adverts are pushed out to millions of people".

A spokesperson for Branson reiterated his previous demand that the "platforms where the fake stories are spreading need to take responsibility" and said the Virgin boss believed the responsibility for stopping fake and misleading content being posted "should not fall exclusively on the shoulders of those high profile individuals being targeted". Despite requests to the company to not publish them, or at least to check their legitimacy with him before publishing, Facebook keeps doing it.

He said, "It pains me to see people who trust in me get conned just because my face and name is on an ad on Facebook". Because sometimes the removal can take days or weeks, which is when scammers start to re-post the ads. "And finally, when they are taken down the scammers just launch a new, almost identical campaign very soon afterwards and the whole rigmarole starts again." .

"I've got no idea how successful this legal action will be or how long it will take but I can't sit back and let it (scamming) happen. What is particularly pernicious about Facebook is that it says the onus is on me, so I have spent time and effort and stress repeatedly to have them taken down", said Lewis.

He said the action was not created to win the defamation case itself but to force the company to change its policy on advertising.

Other reports by Iphone Fresh

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