SEC Fines Two Firms for Bogus Artificial Intelligence Claims
- Delphia and Global Predictions agreed to pay $400,000 in total
- Cases alleging over-hyped AI claims step up agency crackdown
The US Securities and Exchange Commission headquarters in Washington, DC.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
The US Securities and Exchange Commission penalized two money managers for what it says were bogus claims about their use of artificial intelligence, marking the beginning of a fresh crackdown by Wall Street’s main regulator.
The SEC said Monday that Delphia (USA) Inc. and Global Predictions Inc. both made “false and misleading statements” about their purported use of the technology.