More than 70 Australians have lost over $7 million after falling victim to a sophisticated Facebook investment scam that used the image and identity of well-known NAB and CommSec market analyst Tom Piotrowski.
An investigation has revealed that scammers used artificial intelligence to replicate Piotrowski’s face and voice, promoting fake share-trading opportunities through Facebook and WhatsApp while falsely claiming guaranteed high returns.
Among the victims is Kristy Holden, a single mother who lost her entire life savings of $150,000, money she had planned to use to help her daughter build a granny flat. She is now living with her children in Queensland.
“It’s humiliating,” she said. “I’m speaking out so others don’t end up like me.”
Victims said the scam began with small investments of a few hundred dollars, which initially appeared to generate profits. Scammers then escalated the pressure, urging victims to invest tens of thousands of dollars and even borrow money, promising returns of up to 60 per cent.
Another victim, Sajjad Ahmad from Darwin, lost $90,000 after believing the scheme was legitimate because he had previously seen Piotrowski provide market commentary on television.
“I genuinely thought it was him,” he said. “Facebook did nothing.”
A Queensland couple, Mick and Trish Dunn, lost more than $108,000 and are now living in a caravan after being persuaded to repeatedly increase their investments.
The scam involved convincing victims to invest in US-listed stocks, including a Malaysian restaurant chain and a pet food company. Victims were instructed to send screenshots of their investments to the fake “Tom Piotrowski”, information that was allegedly used by scammers to short the stocks and profit from sharp price falls.
One unnamed victim claims scammers made tens of millions of dollars from a single stock collapse.
Tom Piotrowski has publicly warned Australians that he will never directly contact individuals or guarantee returns, urging people to seek advice only from ASIC-registered financial advisers.
The Australian Banking Association, through CEO Simon Birmingham, condemned Meta for allowing the scam to operate across its platforms, calling the situation “reprehensible”.
Meta said it had removed the advertisements, though victims say the scam continues under different identities. The company rejected claims it earns billions from scam advertising, describing those figures as exaggerated.
Victims are now calling for stronger action from both Meta and financial institutions to prevent further losses.
