I've actually reported a case of false advertising to my state's attorney general's office. A private business college was claiming it had special connections with local employees, so graduates were virtually assured employment. I called several of the local businesses listed in the ad, and none of them had ever heard of the college. There were no special connections, and most of the jobs available did not require any advanced education. It was clearly a case of false advertising.
It took a few years, but the attorney general's office investigated my complaint and agreed with me. The school was ordered to revise their advertising or face prosecution for deceptive business practices.