Tech Founder Charged With Fraud After Promoting Fake AI App

A tech founder who raised over $40 million for an AI-powered shopping app is now facing fraud charges.

Haider Jamal
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.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.