Deepfakes of Goldman strategists David Kostin and Abby Joseph Cohen used in Instagram stock-tip scams

What happened?

Fortune reported on 24 April 2025 that a video ad campaign on Instagram used deepfakes of Abby Joseph Cohen, Goldman's former chief investment strategist, and David Kostin, its chief US equity strategist, alongside one of former CMC Markets analyst Michael Hewson. The fake Cohen said: "We have found three severely undervalued technology stocks. Join my group now to get it immediately." The fake Kostin said: "I've set up a WhatsApp investment group. Every day I share three stocks."[1]

Fortune said it had confirmed the videos were fake, "seemingly generated by AI", and that they matched the executives' looks and voices, with lip movements that did not quite match the words. A Fortune staffer who joined the WhatsApp group was recruited by a contact who falsely claimed a partnership with Cohen and recommended buying a specific stock.[1]

On 9 May 2025 The Banker reported that an AI-generated video of Kostin was circulating on social media urging investors to join a group promising "explosive growth", claiming three recommended stocks had risen 48%, 66% and 108% in a week. Goldman told The Banker it was aware of the video and repeated that it was fraudulent; it would not say whether it had asked Meta to remove the videos.[2]

When did it happen?

1. Apr 2025

   Deepfake video ads of Abby Joseph Cohen and David Kostin run on Instagram, steering viewers to a WhatsApp stock-tip group.[1]

2. Apr 24, 2025

   Fortune reports the campaign; Goldman Sachs confirms the videos are fraudulent and Meta says it has removed the content brought to its attention.[1]

3. May 9, 2025

   The Banker reports a deepfake of Kostin promising "explosive growth" is still circulating; Goldman repeats that it is fraudulent.[2]

What was the impact?

• Customers: No investor losses reported[1][2]
• Other: Retail investors on Instagram were targeted with fake endorsements from named Goldman strategists steering them into a WhatsApp stock-tip group.[1][2]

Severity 1 of 5: Contained: an impersonation ad campaign the bank confirmed as fraudulent and Meta said it removed; no investor losses or regulatory action have been reported.

How did Goldman Sachs respond?

A Goldman Sachs spokesperson told Fortune: "This is a fraudulent message and not representative of Goldman Sachs. There should always be caution exercised around any unverified communication purporting to come from a Goldman Sachs employee," and directed customers to gs.com/security and abuse@gs.com to report suspected fraud. Goldman gave The Banker the same statement but would not say whether it had contacted Meta.[1][2]

What was the outcome, and did regulators act?

Meta told Fortune it had removed the content brought to its attention and that impersonation violates its policies. The Banker reported the Kostin video was still circulating in May 2025. No arrests, regulatory action or losses tied to the campaign had been reported as of 2026-10-21.[1][2]

1. Goldman Sachs execs' images used in deepfake video campaign on Instagram news
   Fortune · Apr 24, 2025
   “"This is a fraudulent message and not representative of Goldman Sachs," the bank told Fortune.”
2. Goldman's deepfake problem: Can the real David Kostin please stand up? news
   The Banker · May 9, 2025
   “Goldman is aware of the video. A spokesperson told The Banker: "This is a fraudulent message and not representative of Goldman Sachs."”