Former tech CEO Albert Saniger lied about his app’s artificial intelligence abilities, drawing more than $42 million from investors before his e-commerce startup collapsed, the Securities and Exchange Commission alleged.
Saniger marketed Nate Inc. during initial fundraising rounds in 2019 and 2020 as a mobile shopping app that used AI to complete purchases, but almost all orders had to be placed by contract workers in the Philippines and elsewhere at that time, the SEC told the US District Court for the Southern District of New York in an enforcement action Wednesday. He also told investors in 2021 that the app ...
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