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Regulators and prosecutors are intensifying efforts to crack down on tech companies and investment advisors for misleading investors with exaggerated claims about artificial intelligence (AI). Sanctions and charges are being imposed on firms practicing 'AI-washing' and making false promises regarding AI capabilities, with a focus on pre-IPO frauds. The U.S. Department of Justice, Securities and Exchange Commission, and other regulatory bodies are actively involved in addressing the challenges of AI governance and ensuring transparency in the tech industry.
SEC Cracks Down on Over-Hyped AI Claims – Director Says This is Just the Beginning https://t.co/7epmEAjSim #artificialintelligence #financialadvisers #securitiesexchange @SECEnfDirector https://t.co/0EoWMAXXEe
“AI is fertile ground for fraudsters to make false and exaggerated claims,” San Francisco’s top federal prosecutor Ismail Ramsey tells @ChrisPrentice https://t.co/lyWCKoZ6jC
“AI is fertile ground for fraudsters to make false and exaggerated claims,” San Francisco’s top federal prosecutor Ismael Ramsey tells @ChrisPrentice https://t.co/lyWCKoZ6jC
