Rimar Capital paid a $310,000 fine in the SEC case over falsifying AI capabilities to raise $4 million on a cryptocurrency and stock trading platform 💰⚖️

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Trading firm Rimar Capital has settled charges with the SEC, which accused it of falsifying AI capabilities to raise nearly $4 million from investors.

CEO Itai Lipz and board member Clifford Boro agreed to pay a $310,000 fine without admitting or denying the charges. The SEC said they used AI-related terms to promote a non-existent cryptocurrency and stock trading platform.

The company also inflated its assets under management and performance figures, and part of the raised funds were used by Lipz for personal needs.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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