April 11, 2025
False Claims
Albert Saniger, 35, founder and former CEO of “nate,” allegedly misled investors by claiming the app used proprietary AI to automate online purchases.
Source: FBI
After some digging, it was eventually discovered that the app’s ‘AI’ was actually a team of human workers based in the Philippines.
Multiple Cases Of Fraud
The app marketed itself as a universal shopping cart with one-click checkout, but instead of AI, it relied on human workers to complete transactions,” said Matthew Podolsky, Acting U.S. Attorney for the Southern District of New York.
Saniger is charged with securities fraud and wire fraud, each carrying a maximum sentence of 20 years. The U.S. SEC has also filed a separate civil action lawsuit.
