David Koch Furious Over Facebook Scams: ‘This Is the New Drug Cartel’

David Koch Furious Over Facebook Scams: ‘This Is the New Drug Cartel’

Former Sunrise host David ‘Kochie’ Koch has blasted Meta (Facebook) for failing to remove scam advertisements using his likeness.

Alongside billionaire Andrew Forrest and entrepreneur Dick Smith, Koch is part of an Australian Consumer & Competition Commission lawsuit against Meta filed in 2022, accusing it of misleading conduct by allowing fraudulent ads, according to The Australian.

Koch, 68, expressed frustration that the legal action is stalled while Australians continue to be scammed.

‘I’m just devastated by what (the scams do to) ordinary people – it’s people’s life savings,’ he said. 

‘If (Meta has) algorithms that can pick up the inappropriate posts of customers on a platform, why don’t they have the same algorithms that can also pick up inappropriate advertising and content on their platforms?’ Koch asked.

David Koch Furious Over Facebook Scams: ‘This Is the New Drug Cartel’

Former Sunrise host David ‘Kochie’ Koch, 68, (pictured) is considering suing Meta (Facebook) for failing to remove scam advertisements using his likeness

The economics expert likened the scammers to ‘the new drug cartels,’ urging platforms to compensate victims or stop such ads.

‘They’re just here to rip people off financially and it’s boiler rooms in The Philippines or in Eastern Europe that’s running them all.’

‘Surely, the platforms have a responsibility to either give compensation to people who have been ripped off or to stop these ads going on the platform.’

Koch has previously admitted to being ‘devastated’ to learn his likeness had been illegally used to steal money from unsuspecting victims.

‘People who trust me and trust what I say and look at me and say “wow, I’m getting some comfort out of what this bloke is saying”, are then getting ripped off by some scammer from overseas,’ he told Seven’s Spotlight this month after an Australian women lost $250,000 to a ploy using his name.

Alison Smyth saw an advert on social media that said ‘see what Kochie’s doing with his Bitcoin’ and believed it to be a legitimate investment opportunity, according to the program.

After being contacted by a man called Ben with an English accent and investing her life savings, she was ‘mortified’ to learn she’d been fleeced. 

Alongside billionaire Andrew Forrest and entrepreneur Dick Smith, Koch is part of an Australian Consumer & Competition Commission lawsuit against Meta filed in 2022, accusing it of misleading conduct by allowing fraudulent ads, according to The Australian

Alongside billionaire Andrew Forrest and entrepreneur Dick Smith, Koch is part of an Australian Consumer & Competition Commission lawsuit against Meta filed in 2022, accusing it of misleading conduct by allowing fraudulent ads, according to The Australian

In May, Kochie was announced as the new chair of the South Australian Tourism Commission (SATC).

The Adelaide-born TV presenter will succeed chair of the commission Andrew Bullock, who has held the position since 2019.

‘A passionate South Australian and media professional, Kochie is a leading advocate for small business and a high-profile finance commentator,’ SATC said in a statement.

Koch expressed frustration that the legal action is stalled while Australians continue to be scammed

Koch expressed frustration that the legal action is stalled while Australians continue to be scammed

‘We are very fortunate to have someone of the calibre of David Koch to lead the work of our State’s Tourism Commission.’

‘David will give us some fresh perspectives that will enable our sector to keep growing as we outpace the nation,’ they continued.

Kochie, known for his enthusiastic support of South Australia, also shared his thoughts on the appointment: ‘We do the best food and wine in the nation, and we have some of the nation’s most spectacular regions… we also retain a reputation for delivering first class major events and festivals.’

The 68-year-old likened the scammers to 'new drug cartels,' urging platforms to compensate victims or stop such ads. Pictured with wife Libby

The 68-year-old likened the scammers to ‘new drug cartels,’ urging platforms to compensate victims or stop such ads. Pictured with wife Libby

The 68-year-old will hold the role for three years, effective from July 2, and will commute to SA from his home in Sydney. 

Koch runs a media company, provides finance commentary and has been the chairman of Port Adelaide Football Club since 2012.

He signed off from Sunrise for the very last time on June 9, 2023, after 21 years.

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