SEC fines Delphia and Global Predictions $400k for false AI usage claims, with SEC Chair Gensler warning against over-hyped AI statements.
The US Securities and Exchange Commission (SEC) has fined two money managers, Delphia (USA) Inc. and Global Predictions Inc., for making "false and misleading statements" about their use of artificial intelligence (AI). The firms will pay a total of $400,000 in civil penalties. SEC Chair Gary Gensler warned firms about over-hyped statements related to AI and emphasized the need for investment advisers to ensure their representations are not false or misleading.
March 18, 2024
10 Articles