Investment advisors pay the price for selling what looked a lot like AI fairy tales

  • 📰 TheRegister
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 61%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

SEC bags $400K in settlements

Canada-based Delphia and San Francisco-headquartered Global Predictions will cough up $225,000 and $175,000 respectively for telling clients that their products used AI to improve forecasts. The financial watchdog said both were engaging in"AI washing," a term used to describe the embellishment of machine-learning capabilities.

Delphia claimed its system utilized AI and machine learning to incorporate client data, a statement the SEC said it found to be false. Despite being warned about suspected misleading practices in 2021 and agreeing to amend them, Delphia only partially complied, according to the SEC. The company continued to market itself as using client data as AI inputs but never did anything of the sort, the regulator said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 67. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SEC Approves Landmark Rule Requiring Some Companies to Report Emissions, Climate RisksOil pump jacks operate at dusk near Barnes City, Texas, Wednesday, Nov. 1, 2023.
Source: TIME - 🏆 93. / 53 Read more »