Fake Wealthsimple ad scam | Investing | Discussion forum

Extremely naive. Sad.

I think that apart from his naivety, the problem here is with the platforms which allow fraudulent ads.

If they really wanted to, they could have put safeguards in place for basic checks to ensure the advertising company is legit and collect genuine ID for people advertising. Unfortunately having lots of fraudulent ads contributes to their profits.

As I am typing this, I am seeing an ad for “the gelatine weight loss shortcut everyone is talking about”.

It was likely his buying $260,000 of the stock that pushed a thinly-traded penny stock up to US$1.68/share. Once his order filled, the best bids still outstanding were only around US$0.10/share.

Nothing to do with Wealthsimple. Someone transferred his account to Wealthsimple, bought $260,000 of a penny stock based on some recommendation from an Instagram chat group, and lost.

Yes, I am getting these fake Welthsimple ads on Facebook as well. They might be targeting based on browsing history.

Some of Facebook’s FI ads are legitimate, including for Wealthsimple. Makes it harder for naive “investors” to tell the difference.

It would be very easy for Meta to screen for misrepresentation like this but they don’t seem to care how they make money. Deserve to lose a court case or two.

Why in this day and age (or ever!) would anyone bother reading ANY ad on any Facebook/Meta service? They are BS factories. IGNORE! Or better yet, block them with your hosts file.