Another AI-washing case shows where SEC is headed
Oct 11, 2024 · The SEC has brought another case against an investment advisor over alleged AI washing, on Thursday announcing charges against small California-based firm Rimar Capital …
SEC Announces Settled Charges Against Rimar Capital Entities …
On October 10, 2024, the Securities and Exchange Commission (the “SEC”) announced settled charges against Rimar Capital USA, Inc. (“Rimar USA”), Rimar Capital, LLC (“Rimar LLC”), Itai …
SEC Charges Rimar Capital Entities and Owner Itai Liptz for …
Oct 10, 2024 · The Securities and Exchange Commission today announced charges against Rimar Capital USA, Inc. (Rimar USA), Rimar Capital, LLC (Rimar LLC), Itai Liptz, and Clifford …
SEC settles with trading firm in $4M ‘AI-washing’ scheme
Oct 11, 2024 · The co-chief of the SEC’s Asset Management Uean, claimed Liptz and Boro raised $3.73 million using AI “buzzwords” to describe Rimar’s claimed “AI-driven” platform for trading …
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SEC slams Rimar Capital as misleading AI claims lead to charges
In a post made on its X account (formerly Twitter), the financial watchdog said it charged Rimar Capital USA, Rimar Capital, LLC, Itai Liptz, and Clifford Boro with making false claims about the...
SEC starts targeting 'AI-Whitewashing' charges Rimar Capital for …
Oct 11, 2024 · Rimar entities and executives raised nearly $4 million from 45 investors based on false claims about an AI-driven trading platform. Misrepresentations were made about assets …
SEC Settles with Trading Firm Over $4M AI Fraud Scheme
Oct 11, 2024 · The United States Securities and Exchange Commission (SEC) has reached a settlement with Rimar LLC, a trading firm accused of exaggerating its artificial intelligence (AI) …
SEC penalises financial advisory firm for “AI-washing” - Lexology
Oct 11, 2024 · The SEC alleged that Liptz and Boro, through Rimar Capital, repeatedly referred to the business as having an AI-powered platform for trading stocks, cryptocurrencies and other …
both Rimar LLC and Liptz with willfully violating Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 for making false and misleading claims in connection with their …