Fake Bitcoin Ads on Facebook Destroying Peoples’ Lives: Money Expert

People who have lost their entire savings to fraudulent bitcoin investment schemes advertised on Facebook are turning suicidal, Martin Lewis says.

The U.K.-based consumer advisor, who runs MoneySavingExpert.com, blamed Facebook for causing the financial catastrophe by promoting scam ads on its trusted social network, many featuring himself. Lewis in April launched a lawsuit against the Mark Zuckerburg-helmed firm for allowing ads to run on its system without any background check on the promoters. He plans to distribute any court settlement among the victims of the bitcoin investment scheme ads if the lawsuit goes in his favor.

But, in the meantime, many people have already reached out to Lewis with their stories, which he shared with local media.

“The impact on peoples mental health of losing their retirement funds, or losing their children’s, children’s money that they thought they were investing is catastrophic and life-destructive,” said Lewis, adding that people…