By Byron Kaye

SYDNEY (Reuters) – Australian prosecutors have discontinued mining magnate Andrew Forrest’s felony prosecution of Meta over what he stated had been hundreds of rip-off cryptocurrency commercials on Fb (NASDAQ:) that function his face.

The choice is a setback for Forrest, the 37% proprietor of iron ore producer Fortescue Metals Group (OTC:) and Australia’s second-richest particular person, in his quest to carry the web big accountable for the adverts. A separate civil lawsuit he has filed in opposition to Meta over the adverts in California is ongoing.

A spokesperson for the Commonwealth Director of Public Prosecutions stated on Friday that the division had discovered there was inadequate proof to proceed the prosecution, however didn’t elaborate.

Forrest has accused Meta of breaking Australia’s anti-money laundering legal guidelines by permitting third-party scammers to make use of its software program and platform to promote pretend cryptocurrency schemes that function images of his face, main individuals to consider he had endorsed them.

He had pursued the lawsuit below Australian legal guidelines that permit a person to criminally prosecute a overseas company with the consent of the legal professional normal.

Forrest stated in a press release that the choice to dismiss the case was “a tragedy for harmless dad and mom and grandparents who’ve misplaced their life financial savings.”

A Meta spokesperson stated scams had been a fancy menace, perpetrators use each accessible platform and “our sympathy goes out to individuals who have been impacted”.

“Meta does not need scams on its platforms and we are going to proceed to work tirelessly to forestall them and shield our customers,” the spokesperson stated.

Forrest added that he would proceed to pursue the California case, wherein he accuses the U.S. agency of taking inadequate steps to forestall the commercials.

In a submitting for that case, Forrest stated Meta promised him in 2019 that it will assist take away the rip-off commercials that includes his face, however that the adverts saved showing for Australian Fb customers, leading to hefty losses for individuals who had been duped.

The social media big has argued {that a} U.S. legislation exempts web platforms from duty for content material posted by third events and has sought to have Forrest’s lawsuit dismissed. Forrest contends that Meta’s argument is invalid, arguing that the U.S. legislation solely applies domestically.

From April 2023 to November 2023, greater than 1,000 such commercials appeared on Fb, Forrest’s submitting stated.