AG Sunday Warns Pennsylvanians of Social Media Investment Scams

HARRISBURG, Pa. (EYT) — Pennsylvania Attorney General Dave Sunday issued a formal warning on April 6, 2026, regarding deceptive advertisements and “pump-and-dump” schemes targeting social media users.

According to the Attorney General’s office, scammers are increasingly utilizing “deepfake” technology and AI-generated images of celebrities—such as Kevin O’Leary and Cathie Wood—to lure victims into high-stakes scams. Sunday stated that these lures often dupe people into emptying their bank accounts for fake opportunities. The warning is part of a broader effort by a coalition of attorneys general to hold Meta accountable for predatory advertising on its platforms.

How the Scams Work
The Attorney General identified two primary types of fraud currently circulating:

• Pump-and-Dump Schemes: Victims are lured into groups promising “insider” tips on low-priced stocks or cryptocurrency. Scammers hype the assets to drive up prices, sell their own holdings at the peak, and leave victims with worthless investments once the price plummets.
• Confidence Scams: Fraudsters build trust with victims over time, sometimes offering to “teach” them how to trade on a fake platform. When victims attempt to withdraw profits, they are told they must pay fake commissions or taxes, after which the scammers disappear with the money.

Red Flags to Watch For:
According to the Bureau of Consumer Protection, residents should be highly skeptical of the following:

• Guaranteed Returns: No legitimate investment is risk-free.
• Platform Hopping: Requests to move conversations from Facebook to encrypted apps like WhatsApp or Telegram to avoid moderators.
• High-Pressure Tactics: Claims that you will “miss out” if you do not invest immediately.
• Cryptocurrency Demands: Requests to send funds via crypto ATMs or private digital wallets.

How to Protect Yourself
Attorney General Sunday recommends that Pennsylvanians verify credentials using FINRA’s BrokerCheck before investing any money. He also suggests searching for company names alongside words like “scam” and consulting with a trusted, licensed financial professional. Residents should also lock down social media profiles to prevent scammers from harvesting personal information.

According to the office, anyone who believes they have been a victim of these scams should report it to the Bureau of Consumer Protection at 800-441-2555 or via email at scams@attorneygeneral.gov.

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