Billionaire Andrew Forrest’s Crypto Ad Scam Lawsuit Against Meta Will Go Ahead, Judge Rules

A US judge has ruled that Andrew Forrest's lawsuit against Meta regarding cryptocurrency ad scams will move forward.

Australian mining billionaire Andrew Forrest’s lawsuit against Meta for hosting several crypto ad scams bearing his likeness has been given the green light after the tech conglomerate failed to have it dismissed, U.S. District Court Judge Casey Pitts ruled on Monday.

Australian Billionaire Andrew Forrest’s Meta Lawsuit To Go Ahead

According to Monday’s court filing, Forrest’s claims of negligence against Meta will be able to go forward despite legal pushback from the Mark Zuckerberg-led company.

The ruling also grants Forrest the ability to argue that Meta itself was complicit in the production of the sham crypto campaign given that the fraudulent advertisements in question were developed using software made available by the social media platform that “ultimately determines what completed ads look like and who sees them.”

“Dr. Forrest claims that Meta profited more from ads that included his likeness than it would have if the ads had not,” Pitts’ judgment reads in part. “This is enough to adequately plead that the alleged misappropriation was to Meta’s advantage.”

Meta Pushes Back On Crypto Scam Advertisement Claims

Forrest, who first learned in 2019 that his name and likeness were being used to fraudulently promote cryptocurrencies to Meta users, claims over 1,000 ads ran between April through November last year costing victims millions of dollars.

“Some were accompanied by fake testimonials from investors who said they turned $250 into millions in a matter of months,” the filing continues. “Others included doctored “deepfake” videos of Dr. Forrest.”

While Meta had originally assured Forrest “it would take steps to stop the imposter pages,” several of the crypto ads remained, many of which the mining executive alleges are still up and running today.

The Silicon Valley-based tech giant has largely deflected responsibility for the ads to the third party users who generate the advertisements, though the company has offered “sympathy” to “the people who have been impacted.”

Forrest Vows To Hold Tech Giant Accountable

The legal victory for Australia’s second richest man after prosecutors down under dropped his attempt to criminally charge Meta just two months ago for their purported involvement in the crypto scheme , citing insufficient evidence.

Forrest, whose net worth is estimated to be $16.5 billion, called April’s decision “a tragedy for innocent parents and grandparents who have lost their life savings.”

However, Pitts’ ruling could pave the way for Forrest to prove Meta’s liability in the crypto ad running scheme.

“This is a crucial strategic victory in the battle to hold Facebook accountable,” Forrest said.