The Securities and Exchange Commission has fined two investment advisers for allegedly making false statements about their use of artificial-intelligence technology, following through on its warning to go after businesses involved in so-called “AI washing.”
Tag: investment advisors
SEC Hits 16 Firms with $81M Fine Over ‘Pervasive and Longstanding’ Record-Keeping Violations
Seven dually registered broker-dealers and investment advisers, five broker-dealers, and four affiliated investment advisers agreed to pay a total of $81 million in fines to resolve U.S. Securities and Exchange Commission (SEC) allegations that they failed to maintain and preserve electronic communications.