SEC fines Delphia Technologies and Global Predictions $400,000 for false AI claims in investment processes.
The US Securities and Exchange Commission (SEC) has fined Toronto-based Delphia Technologies and San Francisco-based Global Predictions a combined $400,000 for making false and misleading claims about their use of artificial intelligence (AI) in their investment processes. The firms agreed to settle the charges without admitting or denying the allegations, with Delphia paying $225,000 and Global Predictions $175,000. The SEC found that both companies exaggerated or lied about their use of AI on their websites and social media, and did not have the AI capabilities they advertised nor use the technology to the extent claimed.
March 18, 2024
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