SYDNEY, AAP – Facebook owner Meta is being sued for scam ads that showed people such as David Koch and Dick Smith backing cryptocurrency schemes they never endorsed.

The Australian Competition and Consumer Commission (ACCC) will ask the Federal Court to impose financial penalties on Meta, alleging false, misleading or deceptive conduct.

Users who clicked the ads were shown what the ACCC alleges were fake media articles that included prominent Australians making comments endorsing money-making schemes.

Users were encouraged to register for the scheme. Scammers then repeatedly called those users who registered and asked them to transfer their money.

Facebook is being contacted for its response.