United States SEC Charged & Fined Rimar Capital, Owner Itai Liptz & Board Member Clifford Boro $310,000 for False & Misleading Statements of Using Artificial Intelligence (AI) for Automated Trading for Client Accounts, Raised $4 Million from 45 Investors to Develop Rimar Capital
12th October 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has charged & fined Rimar Capital, owner Itai Liptz & Board member Clifford Boro $310,000 for false & misleading statements of using artificial intelligence (AI) for automated trading for client accounts, raising $4 million from 45 investors to develop Rimar Capital. United States SEC (10/10/24): “The Securities and Exchange Commission today announced charges against Rimar Capital USA, Inc. (Rimar USA), Rimar Capital, LLC (Rimar LLC), Itai Liptz, and Clifford Boro for making false and misleading statements about Rimar LLC’s purported use of artificial intelligence, or AI, to perform automated trading for client accounts and numerous other material misrepresentations. The parties agreed to settle the SEC’s charges and pay $310,000 in total civil penalties. According to the SEC order, Liptz, owner and CEO of Rimar LLC and Rimar USA, with the help of Boro, a Rimar USA board member, raised nearly $4 million from 45 investors for the development of Rimar LLC, an investment adviser that was falsely described as having an AI-driven platform for trading securities. The order found that the Rimar entities, Liptz, and Boro also made misrepresentations about Rimar LLC’s assets under management and its investment returns. In addition, the order found that Rimar LLC and Liptz obtained advisory clients using the misleading statements and that Liptz improperly used company funds for personal expenses. Without admitting or denying the SEC’s findings, Rimar USA, Rimar LLC, Liptz, and Boro consented to the entry of an order finding antifraud violations and to cease and desist from violating the charged provisions. Liptz consented to pay disgorgement and prejudgment interest totaling $213,611, to pay a $250,000 civil penalty, and to be subject to an investment company prohibition and associational bar with the right to reapply in five years. Boro agreed to pay a $60,000 civil penalty. Rimar LLC consented to be censured.”
“ United States SEC Charged & Fined Rimar Capital, Owner Itai Liptz & Board Member Clifford Boro $310,000 for False & Misleading Statements of Using Artificial Intelligence (AI) for Automated Trading for Client Accounts, Raised $4 Million from 45 Investors to Develop Rimar Capital “
United States SEC Charged & Fined Rimar Capital, Owner Itai Liptz & Board Member Clifford Boro $310,000 for False & Misleading Statements of Using Artificial Intelligence (AI) for Automated Trading for Client Accounts, Raised $4 Million from 45 Investors to Develop Rimar Capital
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