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Securities and Exchange Commission v. Mufareh et al
Case Number:
6:23-cv-01539
Court:
Nature of Suit:
Judge:
Firms
Government Agencies
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August 28, 2024
AI Software Co. Must Face SEC's $108M Pyramid Scheme Suit
A Florida federal judge has refused to toss a suit brought by the U.S. Securities and Exchange Commission against the owners of a multilevel marketing company, accusing them of running a fraudulent and unregistered securities offering that raised roughly $108 million from claims that they are using artificial intelligence to develop software, saying the SEC has sufficiently pleaded the existence of a scheme, among other things.
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November 22, 2023
MLM Owners Fight SEC Claims In $108M Fraud Scheme Suit
The owners of a multilevel marketing company have asked a Florida federal judge to toss a suit from the U.S. Securities and Exchange Commission alleging they ran a fraudulent and unregistered securities offering that raised roughly $108 million, arguing in part that the SEC's claims about their business model fail to show how it is illegal.
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August 11, 2023
SEC Says Purported AI Developer Ran $108M Fraud Scheme
The U.S. Securities and Exchange Commission on Friday filed suit against a Florida man and his multilevel marketing company for allegedly running a fraudulent and unregistered securities offering that raised roughly $108 million for a purported artificial intelligence development company.