03.18.24
SEC Fines Two Firms for Bogus AI Claims
by: Austin Weinstein
The U.S. Securities and Exchange Commission (SEC) fined two money managers over alleged bogus claims about their use of artificial intelligence (AI). The SEC said that Delphia (USA) Inc. and Global Predictions Inc. made “false and misleading statements” about their purported use of AI. SEC Enforcement Director Gurbir Grewal said at a conference that the cases were only the start of the regulator's action against misuse of AI. “We're looking for misstatements, we're looking for breaches of fiduciary duties by advisors,” Grewal said.
Read the full article on Bloomberg