Rhode Island Sues Meta Over Alleged Fraudulent Ads, Seeks Penalties

Rhode Island sued Meta on Oct. 22 in Providence County Superior Court, alleging the company failed to curb fraudulent advertisements and violated the state’s Deceptive Trade Practices Act. The state is seeking penalties and injunctive relief. The lawsuit alleges Meta showed users an estimated 15 billion ads a day with clear signs of fraud. It also alleges that ads presenting “higher legal risk” generated $7 billion annually. The allegations have not been established by a court. Rhode Island Attorney General Peter F. Neronha said, “As alleged, Meta knowingly exposed vulnerable users to fraud and scams, and made enormous profits in doing so.” Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.

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