SEC settles $4 million AI laundering scheme with Rimar Capital
The US SEC stated on October 10 that Itai Liptz, CEO of Rimar Capital LLC and Rimar Capital USA, and Clifford Boro, a board member of Rimar USA, jointly paid a civil fine of $310,000 to settle fraud-related charges - they did not admit or deny the charges. Andrew Dean, co-head of the SEC's Asset Management Unit, claimed that Liptz and Boro used AI "buzzwords" to describe Rimar's "AI-driven" platform allegedly used for trading cryptocurrencies, stocks, and futures, raising $3.73 million from potential investors.
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