SEC Fines Two Firms $400K for Making False AI Claims to Investors
• SEC charges two investment advisors with "AI washing" - making false claims about using AI • Canadian company Delphia and US company Global Predictions agree to settle charges and pay $400K in fines • Delphia falsely claimed from 2019-2023 that its tech used client data for smart investments • Global Predictions made deceitful statements in 2023 about offering AI-driven forecasts • SEC Chair warns investors of hype around AI and says false AI claims may violate laws