March 28, 2024

SEC Brings Two More “AI Washing” Enforcement Actions Against Investment Advisers, Continuing Its Pursuit of Misstatements Related to AI

Ashley Bashur, Eliza Gonzalez, Tiffany Smith

WilmerHale

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On March 18, 2024, the Securities and Exchange Commission (SEC or the Commission) announced settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions, Inc., for making false and misleading statements about their use of artificial intelligence (AI). Delphia and Global Predictions agreed to settle the SEC’s charges and pay civil monetary penalties of $225,000 and $175,000, respectively.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.