The sponsored ads, which portrayed smiling couples and promised secure, high-yield corporate bond returns, directed users to GIM Trading’s investment products. According to ASIC court filings, the funds were never invested as promised and were instead funnelled offshore via money exchanges and overseas entities, primarily in Hong Kong.
One victim, Queensland small business owner Sai Skipworth, invested $300,000 after seeing the ads shared by a friend on Facebook. He said the advertising gave GIM Trading credibility, supported by professional-looking investment guides, an Australian Business Number and claims of bonds issued by major institutions including HSBC and the Canadian government. HSBC has since confirmed the materials were not genuine.
Meta confirmed it ran the GIM Trading ads but said they were later removed for breaching its policies. The company rejected claims it was not doing enough to protect users, stating it “aggressively fights fraud and scams” and has removed more than 130 million scam ads globally this year. Meta declined to disclose how much it earned from GIM Trading’s advertising or what verification was undertaken prior to approval.
The case has intensified pressure on Meta, already criticised for allowing scam advertising to flourish across its platforms. Australian authorities reported more than 10,000 suspected Facebook scam links last year, while Scamwatch data shows Meta platforms account for a significant share of reported online scams. A Reuters investigation also alleged Meta internally projected up to 10 per cent of its revenue could come from scam or banned ads, a claim Meta disputes.
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GIM Trading’s former public face, Stephen Cubis, has acknowledged believing the operation was fraudulent, while ASIC alleges both Cubis and current director Darren Geddes controlled accounts used to move investor funds offshore. ASIC secured court orders to restrict Mr Geddes’ travel as part of its ongoing investigation, which is linked to a broader AFP probe into international boiler-room syndicates.
While new Australian laws aim to hold digital platforms financially accountable for scam losses, victims of the GIM Trading scheme remain unable to seek redress until at least 2027.




























