Billionaire hedge-fund manager, Bill Ackman’s Pershing Square Capital Management company has warned of the risks posed by recent Facebook ads impersonating Mr Ackman as part of an imposter fraud scam.

Mr Ackman’s company says it has already discovered 90 different versions of the advert which lures people into clicking on the ad by using Mr Ackman’s photo and identity (celeb-bait) and promising unrealistic investment returns. The intention of the adverts, placed by cyber criminals, is to steal the money of investors who fall victim the scam.

Facebook has described trying to stop such ads (more appear as soon as others are reported and taken down) like being like a game of “whack-a-mole”. Mr Ackman joins a long line of celebrities whose identities have been used by scammers. The general advice is that if an ad seems too good to be true or uses a celebrity to grab your attention, double-check before you click or buy anything.