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Summarised by Centrist
A new wave of online investment scams is using the image and name of former National MP and Fisher Funds chief executive Simon Power to promote false stock tips.
Other high-profile New Zealanders, including Sir John Key, Mike Hosking and journalist Paula Penfold, have also had their images misused in similar scams.
Power’s likeness is being used in paid social media advertisements claiming he is recommending “cheap, high-quality stocks” with the potential for massive returns.
Scammers have also added the logos of Sharesies and BNZ to the ads to increase trust.
The ads direct users to join a WhatsApp group allegedly run by Power. In reality, he had no knowledge of the ads until alerted by his team at Fisher Funds.
A Fisher Funds spokesperson said the advertisements were fake social media accounts using doctored images of trusted New Zealand investment figures to give scams a veneer of credibility.
The scams are typically linked to so-called pump-and-dump schemes, where scammers buy large volumes of low-value overseas shares, persuade others to buy in, then sell once the price spikes, leaving victims with losses.
New Zealand Banking Association chief executive Roger Beaumont said many scams begin on social media platforms, arguing tech companies earn advertising revenue from scam content.
Reuters has reported Meta internally projected about US$16 billion of its 2025 revenue could come from ads linked to scams or banned goods.
