2023-04-24 06:33:40
Fraudsters used the latest AI applications to mislead investors.
Several companies used artificial intelligence to create dummy CEOs to deceive potential investors, California regulators said Thursday. According to reports, a total of five companies are involved in the case, and the California Department of Financial Protection and Innovation (DFPI) has already contacted them.
A DFPI a Maxpread Technologieshas targeted Harvest Keeper, Coinbot, QuantFund and Visque Capital, which it accuses of making false promises regarding profits and offering substandard securities.
“Fraudsters like to trick investors by using fake CEOs, fake algorithms and Ponzi schemes. Today we issued injunctions once morest five entities/individuals who violated California’s securities laws.” DFPI wrote on Twitter.
An AI avatar played the role of CEO in a Maxpread Technologies video
Both Maxpread Technologies and Harvest Keeper have been accused of lying regarding the identity of their CEO.
According to DFPI, Maxpread Technologies promoted itself using a promotional YouTube video in which a, a Synthesia.io-n created avatar was included. Synthesia.io’s artificial intelligence technology can be used to create lifelike videos in which avatars speak pre-programmed texts.
On April 8th, Maxpread posted a YouTube video featuring a CEO named “Michael Vanes”. However, the DFPI has stated that no such person exists and that Maxpread’s former head of marketing, Jan Gregory, is the company’s de facto CEO.
The organization also issued an injunction once morest Harvest Keeper, although the company took a slightly different approach than Maxpread Technologies. Indeed, Harvest Keeper employed an actor to play the role of the company’s CEO. None of the companies have yet responded to the accusations.
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