Close Menu
Global News HQ
    What's Hot

    Wordle today: Answer, hints for June 30, 2025

    June 30, 2025

    The Trade Desk: Strong Buy On Kokai’s Transformative Impact (NASDAQ:TTD)

    June 30, 2025

    A NYC Heat Wave and 100+ Degrees In Vegas Were No Match for This Tinted Sunscreen

    June 30, 2025
    Recent Posts
    • Wordle today: Answer, hints for June 30, 2025
    • The Trade Desk: Strong Buy On Kokai’s Transformative Impact (NASDAQ:TTD)
    • A NYC Heat Wave and 100+ Degrees In Vegas Were No Match for This Tinted Sunscreen
    • H1 2025 Hacks Hit $2.1B Record, Led by North Korean Actors: Report
    • One of the World’s Largest Alcohol Companies Isn’t Giving Up on Wine
    Facebook X (Twitter) Instagram YouTube TikTok
    Trending
    • Wordle today: Answer, hints for June 30, 2025
    • The Trade Desk: Strong Buy On Kokai’s Transformative Impact (NASDAQ:TTD)
    • A NYC Heat Wave and 100+ Degrees In Vegas Were No Match for This Tinted Sunscreen
    • H1 2025 Hacks Hit $2.1B Record, Led by North Korean Actors: Report
    • One of the World’s Largest Alcohol Companies Isn’t Giving Up on Wine
    • SCOTUS Decision on Nationwide Injunctions: Trump v. Casa and Its Impact on Federal Litigation
    • What’s Worse than Lost FBA Inventory? When Amazon Finds It
    • Understanding Small Business Customer Expectations for Success
    Global News HQ
    • Technology & Gadgets
    • Travel & Tourism (Luxury)
    • Health & Wellness (Specialized)
    • Home Improvement & Remodeling
    • Luxury Goods & Services
    • Home
    • Finance & Investment
    • Insurance
    • Legal
    • Real Estate
    • More
      • Cryptocurrency & Blockchain
      • E-commerce & Retail
      • Business & Entrepreneurship
      • Automotive (Car Deals & Maintenance)
    Global News HQ
    Home - E-commerce & Retail - A past ecommerce CEO is charged with fraud over fake AI claims
    E-commerce & Retail

    A past ecommerce CEO is charged with fraud over fake AI claims

    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    A past ecommerce CEO is charged with fraud over fake AI claims
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Federal prosecutors have charged Albert Saniger, the founder and former CEO of ecommerce startup Nate, with securities fraud and wire fraud.

    Prosecutors allege he misled investors by falsely claiming the company’s powered its app with proprietary artificial intelligence. The formal accusation, unsealed April 11 by the U.S. Attorney’s Office for the Southern District of New York, accuses Saniger of raising more than $40 million from venture capital firms based on false statements about Nate’s AI capabilities. Prosecutors say the company relied entirely on overseas contract workers to manually process online purchases that users believed were managed automatically.

    “As alleged, Albert Saniger misled investors by exploiting the promise and allure of AI technology to build a false narrative about innovation that never existed,” said acting U.S. attorney Matthew Podolsky. “This type of deception not only victimizes innocent investors — it undermines trust in the tech sector as a whole.”

    Nate CEO charged with fraud

    Saniger, 35, of Barcelona, Spain, is accused of telling investors that Nate’s app could complete online purchases on any retail site using AI, reducing the checkout process to a single tap. He claimed the technology could automatically select product options, input payment details, and place orders with minimal human oversight. But according to the indictment, the app’s actual automation rate was “effectively zero percent.”

    Instead, prosecutors say Nate employed hundreds of human “purchasing assistants” in a call center in the Philippines. Their job: To mimic automated transactions. Saniger allegedly concealed the manual processing from investors and employees, restricting access to internal dashboards and describing automation rates as trade secrets.

    In 2021, as holiday shopping surged, Saniger directed Nate’s engineers to build basic bots to handle some purchases, despite previously claiming the company didn’t use bots at all. Even then, the bots only supplemented manual labor, according to the government.

    FBI assistant director Christopher G. Raia said Saniger “abused the integrity associated with his former position” by fabricating Nate’s technical capabilities.

    “The FBI will continue to investigate any business owner who withholds material information to encourage additional investments,” Raia added.

    The Securities and Exchange Commission has filed a parallel civil case. Saniger faces up to 20 years in prison on each of the two criminal counts.

    Sign up

    Sign up for a complimentary subscription to Digital Commerce 360 B2B News. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. And follow us on LinkedIn, X (formerly Twitter), Facebook and YouTube. 

    Favorite





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleA Playbook for Influencer Marketing
    Next Article Bravo Official Site: Shows, Videos, News & Schedule

    Related Posts

    What’s Worse than Lost FBA Inventory? When Amazon Finds It

    June 30, 2025

    7 Ways to Prep for Holiday Selling

    June 29, 2025

    eBay Smells Opportunity in EU’s Digital Product Passport Mandate

    June 29, 2025

    Q&A: How Dubai South is expanding ecommerce in the region

    June 28, 2025
    Leave A Reply Cancel Reply

    ads
    Don't Miss
    Technology & Gadgets
    3 Mins Read

    Wordle today: Answer, hints for June 30, 2025

    Oh hey there! If you’re here, it must be time for Wordle. As always, we’re…

    The Trade Desk: Strong Buy On Kokai’s Transformative Impact (NASDAQ:TTD)

    June 30, 2025

    A NYC Heat Wave and 100+ Degrees In Vegas Were No Match for This Tinted Sunscreen

    June 30, 2025

    H1 2025 Hacks Hit $2.1B Record, Led by North Korean Actors: Report

    June 30, 2025
    Top
    Technology & Gadgets
    3 Mins Read

    Wordle today: Answer, hints for June 30, 2025

    Oh hey there! If you’re here, it must be time for Wordle. As always, we’re…

    The Trade Desk: Strong Buy On Kokai’s Transformative Impact (NASDAQ:TTD)

    June 30, 2025

    A NYC Heat Wave and 100+ Degrees In Vegas Were No Match for This Tinted Sunscreen

    June 30, 2025
    Our Picks
    Technology & Gadgets
    3 Mins Read

    Wordle today: Answer, hints for June 30, 2025

    Oh hey there! If you’re here, it must be time for Wordle. As always, we’re…

    Finance & Investment
    2 Mins Read

    The Trade Desk: Strong Buy On Kokai’s Transformative Impact (NASDAQ:TTD)

    This article was written byFollowMoretus Research delivers state-of-the-art, buy-side quality equity research for serious investors…

    Pages
    • About Us
    • Contact Us
    • Disclaimer
    • Homepage
    • Privacy Policy
    Facebook X (Twitter) Instagram YouTube TikTok
    • Home
    © 2025 Global News HQ .

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version