SEC Enforcement Action in SDNY Highlights Risks for AI Companies
By EsqSocial Corporation 17/04/25
On April 9, 2025, the Securities and Exchange Commission (SEC) filed a complaint in the U.S. District Court for the Southern District of New York against Alberto Saniger Mantinan, the founder and CEO of Nate, Inc. The SEC alleges Saniger fraudulently raised over $42 million from investors by misrepresenting Nate’s use of artificial intelligence in its mobile shopping application. According to the complaint, Saniger falsely claimed that Nate’s platform leveraged AI, including neural networks, to...
By: Harris Beach Murtha PLLC