AI App Founder Charged with Fraud Over False Claims

Albert Saniger, founder and former CEO of tech company Nate, has been charged by U.S. authorities for securities fraud and wire fraud related to his claims about the app’s AI capabilities. The allegations stem from accusations that the app, marketed as powered by artificial intelligence, relied on human workers in the Philippines instead. 2023-04-09, the Department of Justice announced these charges, alongside a parallel civil action filed by the SEC. Nate was promoted as an AI-powered universal shopping cart capable of automating online retail transactions without human involvement.