AI startup and former CEO settle with SEC over alleged material misrepresentations

An artificial intelligence (AI) startup company and its former chief executive officer have settled charges that they misrepresented projected revenue, according to the Securities and Exchange Commission (SEC).

GenesisAI Corp., formerly based in Miami, and its former CEO Archil Cheishvili allegedly misrepresented the company’s financial prospects and the state of the market for AI, the SEC says in a settled complaint filed Wednesday in U.S. District Court for the Southern District of Florida.