US Securities and Exchange Commission: Mother-son pair stole $12 million by promising to invest in artificial intelligence in cryptocurrencies
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What do artificial intelligence, supercomputers and cryptocurrencies have in common? They are hot topics that few people really understand. Oh, and the Securities and Exchange Commission (SEC) Say They were all used in a Ponzi scheme that raised $12 million from at least 277 retail investors.
The US Securities and Exchange Commission accused 86-year-old Joy Kovar and her 54-year-old son Brent of raising funds for a company called Profit Connect Wealth Services, “assure investors of their funds Will invest in securities trading and cryptocurrencies according to the recommendations “manufactured by’artificial intelligence supercomputers’ starting at least May 2018”
According to the US Securities and Exchange Commission, the mother-son duo also claimed that their supercomputers can “guarantee investors to get a fixed return of 20-30% per year, compounded monthly”, which is much higher than that provided by most investment companies. All that is needed is confidence in artificial intelligence, which is primarily invested in cryptocurrency-related assets.
This belief is unfounded. The US Securities and Exchange Commission stated that “the defendant did not use the funds received from investors to trade securities, purchase cryptocurrencies, nor did Profit Connect promised investors that they would do anything with their money.” Instead, this amount The money was used to enrich the Kovar family and maintain the plan.
It is easy to understand why investors may be deceived by such things.Artificial intelligence has Become more and more capable, Supercomputers have Become strongerAnd the crypto market has Into the mainstream in spite of Volatility Even the most mature cryptocurrency. Why shouldn’t these three factors intersect?
Fortunately, Michele Wein Layne, director of the Los Angeles Regional Office of the US Securities and Exchange Commission, put forward some suggestions that should allow investors to see through even artificial intelligence-driven cryptocurrency trading plans involving supercomputers: “Investors should be wary of those that guarantee two Individuals and companies with digit returns. There is no risk of loss.”
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