The SEC alleged that Rimar LLC’s executives overstated the AI capabilites of
A trading firm has settled charges with the United States Securities and Exchange Commission, which the agency accused of faking its artificial intelligence capabilities and misleading its investors to raise nearly $4 million.
Rimar Capital LLC, Rimar Capital USA, their CEO Itai Liptz and Rimar USA board member Clifford Boro together paid a $310,000 civil penalty to settle fraud-related charges — which they didn’t admit or deny — the SEC said in an Oct. 10 statement.
The co-chief of the SEC’s Asset Management Unit, Andrew Dean, claimed Liptz and Boro raised $3.73 million using AI “buzzwords” to describe Rimar’s claimed “AI-driven” platform for trading cryptocurrencies, equities and futures to prospective investors.
