By Adrianne Appel2024-03-18T19:48:00
Two investment advisers agreed to pay a total of $400,000 to settle charges by the Securities and Exchange Commission (SEC) the firms each engaged in artificial intelligence (AI) misrepresentations that misled clients about how they were using the technology.
Delphia USA and Global Predictions were fined $225,000 and $175,000, respectively, the SEC announced in a press release Monday. The firms each agreed to a censure and to cease and desist from further violations in reaching settlement.
The penalties follow months of warnings by senior leaders at the SEC regarding the concept of “AI washing,” which includes firms marketing applications of the technology in ways they aren’t using it.
2024-10-11T13:44:00Z By Jeff Dale
The Securities and Exchange Commission ordered the owner of Rimar Capital and a board member of its holding company to pay nearly $524,000 in penalties for defrauding investors with false and misleading statements about its use of artificial intelligence.
2024-06-12T22:14:00Z By Adrianne Appel
The former chief executive officer of closed AI recruitment startup Joonko faces up to 40 years in prison and the potential of penalties levied by the Securities and Exchange Commission for allegedly defrauding investors of more than $27 million.
2024-04-18T21:01:00Z By Aaron Nicodemus
Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
2025-07-31T18:47:00Z By Adrianne Appel
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
2025-07-31T16:44:00Z By Adrianne Appel
Kentucky took aim at Chinese company Temu, alleging in a lawsuit that it counterfeited popular Kentucky-designed merchandise and violated customers’ privacy.
2025-07-30T17:56:00Z By Aly McDevitt
The Department of Labor is using poultry processing company Mar-Jac Poultry as an example of what will happen when companies repeatedly employ underage workers in hazardous conditions. Hint: Companies can’t pin the blame on staffing agencies.
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