Meta has reached a settlement with Qatari billionaire over cryptocurrency ad fraud

Meta (formerly known as Facebook) has publicly apologized to Qatari billionaire Wissam al Mana and promised additional safeguards after its image was exploited by crypto scam ads on the platform, according to a report by the Financial Times.

The famous businessman, who is also the ex-husband of pop star Janet Jackson, has taken legal action against Meta in Dublin, Ireland for the past three years, alleging serious reputational damage, pain and embarrassment caused by fraudulent advertising.

Meta admits to publishing false and defamatory crypto ads

At a court hearing in Dublin on Friday, Meta admitted that it had posted “false, misleading and defamatory ads” on Facebook featuring the image of Wissam al Mana without his knowledge or consent. The social media giant expressed remorse for the harm caused and sincerely and unreservedly apologized to Mr. Al Mana.

According to the report, prominent figures, including politicians, have also filed legal actions in Ireland against social media companies, highlighting the use of their names and images to promote cryptocurrency scams.

Notably, Meta has resolved a defamation lawsuit filed by Martin Lewis in the UK by making a large donation to an anti-scam charity and launching a new solution for users to report a tool for false advertising.

Although Meta reviews and approves ads before they appear on Facebook, industry experts believe that scammers can use fake identities to circumvent these checks. The person in charge of the fraudulent ad with the theme of Wissam al Mana has still not responded and has not been involved in the case, raising doubts about its legitimacy.

Meta pledges strong measures to combat deceptive ads

In response to the lawsuit, Meta pledged to implement “strong measures” in the future to combat such deceptive advertising ads. The terms of the settlement reached by the parties have remained confidential, with Irish law firm Ronan Daly Jermyn acting for Wissam al Mana in the Dublin proceedings.

Wissam al Mana is a well-known businessman in the Gulf region, playing an important role in managing his Qatari family group in Qatar and has exclusive distribution rights for several luxury brands such as Harvey Nichols, Alexander McQueen and Hermès.

Wissam al Mana’s case was filed against Meta in Dublin in February 2020 and was resolved in court on Friday. Notably, the Financial Times highlighted that Ireland’s defamation laws are considered more favourable than those of the United States.

Allegations filed by Wissam al Mana’s legal team allege that while Facebook initially removed the initial set of fraudulent ads, the platform failed to take effective measures to prevent such ads from happening again. This was followed by more false ads in 2019, prompting Meta to remove them again.

As a result of this case, Meta must strengthen its protocols and precautions to effectively combat fraudulent ads and protect the integrity of its platform.

The outcome of this settlement marks a step toward greater responsibility in combating crypto scams, advertising, and safeguarding the reputations of the individuals targeted by such deception.