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Toronto investment firm Delphia Technologies settles with U.S. regulator over ‘AI-washing’

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The company agreed to pay a $225,000 fine to settle with the SEC over misleading claims that it used AI to make decisions

For years, Delphia Technologies Inc. has claimed artificial intelligence drives its investment decisions for its tens of thousands of clients. Those claims, the U.S. Securities and Exchange Commission now says, were lies.that Toronto-based Delphia has agreed to pay a US$225,000 fine in order to settle charges of making false and misleading statements about its purported use of AI.

Nicola Lacetera, a professor at the University of Toronto’s Rotman School of Management who studies digital technologies and the ethics and moral limits of markets, said AI is hard to define, which makes it easier for companies to mislead the public about their use of the technology. As of Sept. 1, Delphia had about US$187-million in assets under management. Most of that total – US$180-million – was in five pooled investment funds. The remaining US$7-million was in roughly 29,000 individual retail accounts, managed through the company’s algorithm-based robo-advisory service.

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U.S. SEC fines two investment advisers over AI claimsToronto-based Delphia Inc and San Francisco-based Global Predictions Inc will pay a combined $400,000 in fines to settle the civil charges related to ‘AI washing,’ the SEC said
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