Former Nate CEO who used human workers instead of AI allegedly defrauded investors lured by new tech of millions
CBSN
A fintech startup that raised $40 million based on the premise of its artificial intelligence capabilities was fueled by human labor, allegedly defrauding investors lured by the new technology of millions, federal prosecutors said this week in a statement.
Albert Saniger, 35, the former CEO and founder of Nate in 2018, who is from Barcelona, Spain, was indicted in the Southern District of New York for engaging in a scheme to allegedly defraud investors and making false statements about his company's AI capabilities.
Nate, an e-commerce company, launched the nate app that claimed to streamline the online shopping checkout process via a single AI-powered tap option. But the app was not powered by advanced AI technology at all, according to the indictment.
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