Alberto Saniger Mantinan, a/k/a Albert Saniger

The U.S. Securities and Exchange Commission (SEC) charged Albert Saniger, founder and former CEO of Nate, Inc., with fraudulently soliciting investments by making false statements about the company's use of artificial intelligence. Saniger allegedly misled investors in Nate's fundraising rounds, stating that the mobile shopping app used AI to complete purchases without human involvement, when in reality it relied on contract employees for manual input. The SEC seeks permanent injunctions, disgorgement with interest, and civil penalties from Saniger. This case highlights the importance of accurate disclosure in securities offerings and may impact the industry's use of artificial intelligence in fundraising.