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Former CEO of Canadian AI unicorn gets arrested for fraud

4 hours ago
https://www.justice.gov/usao-ndca/pr/former-ceo-canadian-ai-company-charged-investment-fraud-scheme-targeting-us-investors
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  • #AI
  • #investment
  • #fraud
  • Former CEO Matthew Derrick Hudson of Invenia Technical Computing Corporation charged with wire fraud.
  • Hudson allegedly raised over $100 million from U.S. investors by falsifying financial documents.
  • Fake audit reports showed $218 million CAD in cash and $295 million CAD in revenue, while actual figures were $6 million and $26 million respectively.
  • Hudson used fake email accounts and invoices, including a fake phone number for a partner company.
  • Released on bond, Hudson faces up to 20 years in prison if convicted.
  • U.S. Securities and Exchange Commission has also filed a civil enforcement action against Hudson.
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