Government Investigation Into Facebook Fakes
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For years Facebook has hidden the true extent of the number of fake subscribers (profiles) on their social media platform. The value of Facebook as a business is, in large part, based upon the number of subscribers to Facebook. This is the basis for advertising fees which provide revenue for the company.
We assert that Facebook deliberately underestimates the number of fakes on their platform, and when they do report it, buries it into their quarterly reports and describes it in terms that disguise its true significance.
We believe that Facebook has engaged in a decade long deception of the public and their shareholders. That they have allowed the practice of fake profiles to be created, numbering by their own estimate of over 270,000,000 (or more than 10%). Facebook has allowed this practice without regard for the societal impact by criminals and even terrorists, in an effort to inflate their subscriber numbers. By their own recent admission, 10% (and we believe it to be more like 40%) are fake.
We implore the United States Securities and Exchange Commission to thoroughly investigate Facebook for Securities Fraud, and in addition ask the Federal Trade Commission to investigate Facebook for unsafe and deceptive business trade practices that endanger consumers by constantly subjecting them to criminal fraud within their platform, and that Facebook has consistently failed to respond when notified of these abuses. We also believe that Facebook systematically defrauds its advertisers by claiming "reach" numbers that it knows include fake accounts.
Our organization has reached out to Facebook for years to attempt to help the company recognize the extent of the problem, and develop methodologies for mitigation. Each such attempt has been ignored.
We there for request a formal investigation by the SEC, and a formal referral to the FTC to address these matters, and to do so in the public arena so that shareholder, advertiser, and consumer confidence in the Facebook platform may be secured.
We ask this on behalf of Facebook subscribers worldwide.
The Society of Citizens Against Romance Scams
9737 NW 41st Street, Suite 530, Doral, Florida 33178 U.S.A.
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