OKLAHOMA CITY, OKLA. (KOKH) — So, picture this: Attorney General Gentner Drummond and his posse of 41 other state and territory attorneys general have put Meta Platforms Inc. on notice. Why? Because of these shady, fly-by-night investment ads running on Facebook. It’s as classic as any New York hustle, but it’s playing out in the digital world.

The whole racket uses big names like Warren Buffet, Cathie Wood, and even Elon Musk to lure folks in. Once hooked, users are led into a WhatsApp group. Here’s where the real hustle begins—they’re coaxed into buying stocks that are pumped up in value. Next thing you know, the prices crash, leaving folks high and dry while the scammers cash in. Drummond claims this is straight-up securities fraud.

Drummond and the coalition let Meta know their scam-spotting game is weak. Their systems, both automated and manual, aren’t cutting it. Scammers, like the crafty types they are, keep switching up their tactics to dodge detection. So, what’s the fix? The AG squad suggests Meta needs something more than just digital pats on the back. They’re talking serious advertiser screening and deep inspections of these investment ads before they see the light of day.

The message from Drummond is crystal clear: “Shape up your process, or just drop investment ads altogether.” It’s not just Drummond making noise here; he’s backed by a roster of other AGs from places like California, New York, Ohio, and even the Virgin Islands. They’ve got their collective foot down, pressing Meta to amp up the protection for users against these digital hucksters.

For those clued-in to digital security and online scams, this is just another chapter in the ongoing saga between tech giants and fraudsters. You can almost hear the frustration in Drummond’s words: “The company owes its users protection from devastating financial losses. Meta can and must do more.” You want the rest of your news steamed hot every morning? Don’t miss our daily updates right here.

### States Joining the Charge
Here’s a snapshot of the states and territories backing Drummond’s demand:
– Alaska
– New Jersey
– California
– Ohio
– Washington
– And many others, even stretching down to American Samoa.

If anything’s clear, it’s that the clamor for Meta to step up is coming from every corner of the nation. And as always, the story will unfold on whether Meta will take the reins or if this fight is just getting started. Stay tuned.

The post Oklahoma Attorney General Calls on Meta to Address Scam Investment Ads on Facebook appeared first on Kingston Global Tokyo Japan.

The Scene in Ohio and Oklahoma

Alright, folks, let’s break it down. Ohio and Oklahoma recently jumped on the anti-ESG bandwagon. In Ohio, the lawmakers weren’t messing around when they passed legislation to halt public pension funds from dabbling in Social and Environmental Governance (ESG) investing. The bill, which needs Governor Mike DeWine’s autograph, waves goodbye to investments driven by progressive policies and keeps pension funds from indulging in shareholder activism. Not to be left out, Oklahoma’s Attorney General wants the Supreme Court to revive the Energy Discrimination Act, which hits back at firms snubbing oil and gas.

A Riot of Red States

The list of states waving this anti-ESG flag reads like a roll call, mostly Republican: Texas, Florida, West Virginia, and more have jumped in. These places have decided ESG is akin to a political push. Critics argue investors and companies should focus on financial returns, not left-wing agendas. Isn’t this just a microcosm of the broader national debate? One state sees ESG as corporate governance avant-garde, and another sees a threat to their fossil fuel industries. This push against ESG, particularly in states like Texas and Florida, has resulted in pulling funds from top financial firms they accuse of adopting ESG principles.

ESG Enthusiasts Speak Up

Now, on the flip side, those who love the ESG movement say it’s a no-brainer. Paul Polman, who used to run the joint over at Unilever and now co-pilots IMAGINE, claims ignoring ESG ignores today’s pressing issues. He’s saying nearly nine out of ten investors place climate risks at the top of the list, and ESG-driven investments often beat their benchmarks. Need we spill more ink on that?

The Voice of Opposition

U.S. Sen. Bill Cassidy from the pelican state—Louisiana—introduced a bill to keep people’s retirement accounts solely focused on financial returns. As he put it, investors should get maximum returns without their money going to fund political ideologies. Critics say these ESG mandates weigh companies down with extra costs, which could jack up prices for consumers. They believe it’s about time to slam brakes on this ESG investing train, saying it penalizes states economically.

Counting the Benefits

Meanwhile, Wayne Visser, a guru on sustainable transformation, has listed 10 reasons anyone would want to invest sustainably: risk reduction, better reputation, and increased revenue, to name a few. He says sustainability isn’t just good; it’s the survival code for modern businesses. Visser believes it simplifies a company’s purpose and anticipates regulations. So, no surprises if you start seeing more sustainability in stock portfolios.

What Lies Ahead?

Here’s the twist. This anti-ESG wave is picking up speed as the political weather changes. As ESG advocates keep pushing forward, they face growing opposition from states championing traditional energy sectors. It’s a tale that’s only going to get more dramatic as the nation closely watches how America’s financial landscape will be shaped by these diverging views.

For a deeper dive into the different state legislations on ESG, check out this detailed source.

Doug Bailey, a seasoned journalist based outside Boston, wraps it up. He’s open to a chat at [email protected].

Remember, this ain’t your typical back-and-forth. It’s an ongoing debate leaving ripples across industries. Keep your eyes peeled.

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