CandleFocus

SEC Charges Firm for "AI Washing" in Investment Scheme

Investment firm Rimar Capital USA has been charged by the Securities and Exchange Commission (SEC) for misleading investors about its AI-driven trading platform. The SEC alleges that Rimar Capital raised nearly $4 million from investors by falsely claiming to have an advanced AI platform for automated trading. The firm is accused of misrepresenting its assets under management and investment returns. Rimar Capital and its executives have agreed to a settlement of $310,000 in civil penalties. The SEC warned against "AI washing" and stated that it will continue to pursue those who dishonestly promote their firms' technological capabilities.

Related News